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Johnathan Saliterman Acquires Multifamily Property From Blitzlake Partners For $40.35M In Chicago

Property Image
SOLD
$40,350,000
Jordan Gottlieb
James (Jim) Darrow
+ 2

Illinois

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MultiFamily84,407 SF
Sold
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Property Image
SOLD

Johnathan Saliterman Acquires Multifamily Property From Blitzlake Partners For $40.35M In Chicago

3300 North Clark Street

See Similar Deals
MultiFamily84,407 SF
Sold
Jordan Gottlieb
James (Jim) Darrow
+ 2
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$478
Total Square Footage:84407 SF
Transaction Type:Sale

The property located at 3300 North Clark Street in Chicago is a multifamily asset comprising 142 units. The sale was finalized for $40,350,000, which translates to a per-unit price of $284,154. The total square footage of the property is 84,407, resulting in a price per square foot of $478.

Summary of transaction details:

This transaction involved key individuals including the buyer Johnathan Saliterman and the seller Blitzlake Partners. The brokerage team from Essex Realty Group was represented by Jordan Gottlieb, Jim Darrow, Rick Ofman, Kate Varde, and Doug Imber, who facilitated the deal.

Players

Doug Imber
28 deals$235.8M volume
BROKER

James (Jim) Darrow
Essex Realty Group
61 deals$283.1M volume(312) 998-2112
BROKER

Jordan Gottlieb
Essex Realty Group
67 deals$364.3M volume
BROKER

Kate Varde
Essex Realty Group
36 deals$292.6M volume
BROKER

Rick Ofman
Essex Realty Group
27 deals$243.8M volume
BROKER

Details

SOLD
IMAGE: Jordan Gottlieb & Rick Ofman DATE: 12/04/2024 ADDRESS: 3300 North Clark Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: Johnathan Saliterman SELLER: Blitzlake Partners BROKERS: Jordan Gottlieb, Jim Darrow, Rick Ofman, Kate Varde, Doug Imber - Essex Realty Group (@EssexRealtyGroup) SALE PRICE: $40,350,000 UNITS: 142 ~ PPU: $284,154 SF: 84,407 ~ PPSF: $478

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

$2,152,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$143,355.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$191,279.59
Annual Debt Service$2,295,355.03