Rob Sekula Purchases 25-Unit Multifamily Property From Mike Lerner Jr. For $6.25M In Chicago

The property involved in this transaction is a multifamily asset located at 1741 North Western Avenue in the Chicago market. It consists of 25 units with a sale price of $6,250,000 and a price per unit of $250,000. The total square footage of the property is 18,000, resulting in a price per square foot of $347. The multifamily property, constructed in 2020, features 22 market-rate apartments and three affordable apartments, equipped with amenities such as quartz countertops, grey cabinetry, stainless steel appliances, separate HVAC, dishwashers, on-site parking, and in-unit laundry facilities.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,250,000
• Units: 25
• Price Per Unit: $250,000
• Square Footage: 18,000
• Price Per Square Foot: $347
• Buyer: Rob Sekula
• Seller: Mike Lerner Jr.
• Brokers: Jordan Multack & Danny Spitz - Greenstone Partners

Jordan Multack and Danny Spitz from Greenstone Partners played critical roles in facilitating the transaction, utilizing their exclusive listing process which generated over 30 tours and secured 7 written offers. The purchaser was drawn to the property's value-add potential, including managerial upside and possibilities for cosmetic enhancements, along with its prime location and low-basis entry point. The competitive bidding process led to the successful procurement of the buyer.