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Exposition Capital LLC Acquires Mondial River West Multifamily In Chicago For $42M
SOLD
$42,000,000
Illinois
See Similar DealsMultiFamily
Sold 01/26/2024
SOLD
Exposition Capital LLC Acquires Mondial River West Multifamily In Chicago For $42M
910 West Huron Street
See Similar DealsMultiFamily
Sold 01/26/2024
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The Mondial River West apartment complex located at 910 West Huron Street in Chicago has been sold for $42 million. The property comprises 141 units, resulting in a per unit price of $297,872.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Address: 910 West Huron Street, Chicago
- Market: Chicago
The seller of the apartment complex was Michael Freno from Barings, a global investment management firm. The buyer, Exposition Capital LLC, remains undisclosed. The transaction was facilitated by Pete Evans from Berkadia acting as the broker.
It is worth noting that Barings took a hit on the deal, reflecting the current trend of losses in the downtown multifamily market. No mortgage has been recorded for this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,239,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$149,217.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$199,101.43
Annual Debt Service$2,389,217.13
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