PGIM selling landmark Belden-Stratford apartment building in Lincoln Park

The firm paid $87M for the 297-unit building five years ago

PGIM CEO David Hunt and 2300 North Lincoln Park West (Credit: PGIM and Pearson Realty Group)
PGIM CEO David Hunt and 2300 North Lincoln Park West (Credit: PGIM and Pearson Realty Group)

PGIM Real Estate is selling the Belden-Stratford apartment building in Lincoln Park, five years after acquiring the landmark complex.

New Jersey-based PGIM hired Moran to sell the 16-story, 297-unit Beaux Arts structure at 2300 North Lincoln Park West, according to Crain’s. It would be the third sale in seven years for the building, which opened as a hotel in 1923 and is on the National Register of Historic Places.

The property is 99.7 percent occupied with an average effective rent of $1,970 per month, up 14 percent from a year ago. All but 14 of the units are efficiencies, studios or one-bedroom units, according to a Moran marketing brochure.

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PGIM, formerly Prudential Real Estate Investors, bought the building from Laramar Group for $86.8 million in December 2013. Laramar had paid $59.3 million for it two years before that. The building has a $49 million mortgage from HSBC Bank, according to Cook County property records.

Lincoln Park has a number of apartment projects in the works.

Ranquist Development Group recently secured a $19 million construction loan for its planned 30-unit building at 521 West Diversey Parkway, not long after Boston-based Broder development firm secured $21 million in financing for its 42-unit luxury apartment development dubbed Norweta Row.

CRM Properties has plans for as many as 500 residential units in a mixed-use project in the Clybourn Corridor, not far from where Structured Development wants to build nearly 200 apartments. [Crain’s] — John O’Brien

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