Updated Oct 28, 2024
3L Real Estate Acquires Multifamily In South Loop, Chicago For $82.5M
8 East 9th Street, Chicago, Illinois 60605, United States
$82,500,000
$366/SF
Building Size
225,000 SF
Asset Type
MultiFamily
Closing
Mar 16, 2022
About this deal
AI
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.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93