The property asset involved in the transaction is a 76-unit multifamily building located at 7450 South South Shore Drive in the Chicago market. The sale price was $1,000,000, and the building has a total square footage of 43,500, resulting in a price per unit of $13,157 and a price per square foot of $22. The property was delivered fully vacant and consists primarily of studio apartments, presenting an opportunity for renovation and modern re-leasing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,000,000
• Units: 76
• Square Feet: 43,500
• Price per Unit: $13,157
• Price per Square Foot: $22
• Buyer: Nadeya Khalil - Icon Capital Llc
• Seller: Fred Mills - BLC Lending
• Broker Representation: Brian Mond & Sean Connelly - 33 Realty

The key individuals involved in the deal include buyer Nadeya Khalil from Icon Capital Llc and seller Fred Mills of BLC Lending. The transaction was facilitated by brokers Brian Mond and Sean Connelly from 33 Realty, who reported that the sale was completed through a creatively structured joint venture. The new ownership group aims to execute a full renovation and modernize the asset to meet current market demands.