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Dreyfuss Management Acquires 102-Unit Multifamily Property In Chicago For $21 Million

Property Image
SOLD
$21,000,000
Tom Scott
JD

Illinois

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MultiFamily
Sold 01/26/2024
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Property Image
SOLD

Dreyfuss Management Acquires 102-Unit Multifamily Property In Chicago For $21 Million

8 East Huron Street

See Similar Deals
MultiFamily
Sold 01/26/2024
Tom Scott
JD
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

CA Ventures has sold its 26-story, 102-unit multifamily property located at 8 East Huron Street in Chicago. The property was purchased by an affiliate of Dreyfuss Management for a total of $21 million. The sale price translates to an average price per unit of $205,882.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $21,000,000
  • Address: 8 East Huron Street, Chicago
  • Market: Chicago
  • Units: 102
  • Purchase Price per Unit: $205,882

The buyers of the property, JR Schruble and Mark Pacious, represent Dreyfuss Management, while the sellers are John Diedrich and Tom Scott from CA Ventures. In addition to the sale, the property's debt of $41 million was also transferred to the buyers.

This transaction aligns with CA Ventures' strategic shift towards opportunistic real estate acquisitions amidst legal challenges and industry changes.

Players

DM
Dreyfuss Management
BUYER
DM
Dreyfuss Management
BUYER
Tom Scott
Tom Scott
7 deals$499.7M volume
SELLER
JD
John Diedrich
2 deals$86M volume
SELLER

Details

SOLD
IMAGE: Tom Scott & John Diedrich DATE: 01/26/2024 ADDRESS: 8 East Huron Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: JR Schruble & Mark Pacious - Dreyfuss Management SELLER: John Diedrich & Tom Scott - CA Ventures SALE PRICE: $21,000,000 UNITS: 102 ~ PPU: $205,882 NOTE: CA Ventures has sold its 26-story, 102-unit property at 8 East Huron Street in Chicago for $21 million to an affiliate of Dreyfuss Management, while also transferring the property's $41 million debt. This move aligns with CA Ventures' shift towards opportunistic real estate acquisitions amidst legal challenges and industry changes.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56