Iconiq Capital Acquires Multifamily Property In Chicago For $190M
SOLD
$190,000,000
Illinois
See Similar DealsMultiFamily710 SF
Sold 10/07/2020
SOLD
Iconiq Capital Acquires Multifamily Property In Chicago For $190M
808 S Michigan Ave, Chicago, IL 60605, Estados Unidos
See Similar DealsMultiFamily710 SF
Sold 10/07/2020
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$267,605
Total Square Footage:710 SF
Transaction Type:Sale
The multifamily property located at 808 South Michigan Avenue in Chicago has been sold in a closed transaction. The property spans a total area of 479 square feet with a price per square foot of $396,660. The sale price for the property was $190,000,000. The buyer of the property was Iconiq Capital represented by Divesh Makan. On the other hand, Oxford Capital and Quadrum Global acted as the sellers in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $190,000,000
- Address: 808 South Michigan Avenue, Chicago
- Market: Chicago
- Buyer: Iconiq Capital – Divesh Makan
- Seller: Oxford Capital & Quadrum Global
The involvement of Divesh Makan from Iconiq Capital as the representative in this deal further highlights the importance of this transaction in the real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,133,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$675,029.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$900,696.93
Annual Debt Service$10,808,363.20
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