3L Real Estate Acquires Multifamily In South Loop, Chicago For $82.5M
SOLD
$82,500,000
Illinois
See Similar DealsMultiFamily225,000 SF
Sold 03/17/2022
SOLD
3L Real Estate Acquires Multifamily In South Loop, Chicago For $82.5M
8 East 9th Street, Chicago, Illinois 60605, United States
See Similar DealsMultiFamily225,000 SF
Sold 03/17/2022
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$366
Total Square Footage:225,000 SF
Transaction Type:Sale
Located in the South Loop neighborhood of Chicago, the multifamily property at 8 E 9th St has been sold in a closed transaction. Acquired by 3L Real Estate, the property was previously owned by Crescent Heights. The deal was facilitated by Brad Feldman from Interra Realty, representing the buyer.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $82,500,000
- Units: 248
- Price per Unit: $332,661
- Size: 225,000 sqft
- Price per sqft: $367
- Market: South Loop, Chicago
Brad Feldman from Interra Realty played a pivotal role in ensuring the successful completion of the deal. His expertise and negotiation skills contributed to the smooth transaction between 3L Real Estate and Crescent Heights. The property's prime location in the South Loop neighborhood adds to its appeal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,399,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$293,105.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$391,092.09
Annual Debt Service$4,693,105.07
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