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Newcastle buys River West rental complex for $86M
The Chicago firm picked up the 3-year-old Kenect apartments from Akara Partners and CA Ventures
Newcastle bought a River West apartment complex for $85.5 million, adding to its portfolio of multifamily and retail properties in the city.
The Chicago-based company acquired the 227-unit Kenect development at 504 and 505 North Green Street from Akara Partners and CA Ventures, according to Crain’s. The complex, which opened in 2016, also includes 13,000 square feet of retail space.
Local firm Akara and CA developed the two-building complex with Goldman Sachs and then tried to sell it in 2017. It was pulled off the market when they couldn’t get their price.
John Jaeger and Dan Cohen of CBRE represented the sellers in the deal.
Newcastle acquires, develops and owns commercial buildings across the city. Last year it bought a 2,200-square-foot retail space on the ground floor of the residential tower at 2 West Delaware Place in the Gold Coast for $11.6 million, just a few weeks after it picked up a two-story retail building at 2368 North Clark Street in Lincoln Park for $6.1 million.
It also bought a three-story mixed-use building at 1200 North State Street for $10.1 million. [Crain’s] — John O’Brien