Drew Millard Of Concord Capital Acquires Chicago Multifamily Portfolio From Craig Koenigsberg For $61.5M

The multifamily asset involved in this transaction is located on the 3400 block of North Elaine Place in Chicago, IL. The property was sold for $61,500,000 and consists of 182 units. The price per unit amounts to $337,912, and at the time of sale, the portfolio was 95% occupied. The asset includes 105 parking spaces, and the buyer plans to implement selective cosmetic upgrades and has potential plans for expansion to 306 units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $61,500,000
• Buyer: Drew Millard - Concord Capital
• Seller: Craig Koenigsberg - CLK Properties
• Units: 182
• Parking Spaces: 105
• Occupancy Rate: 95%
• Price Per Unit: $337,912

The deal was facilitated off-market, ensuring a direct acquisition of the nine-building Elaine Place apartment portfolio. Drew Millard of Concord Capital represented the buying entity, while Craig Koenigsberg of CLK Properties represented the selling entity in the transaction.