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Mystery buyer pays $11M for Lincoln Park luxury rental building
The 25-unit building was fully occupied at the time of sale
Lincoln Park has hit a new sales high for 2019 in the multifamily market. A four-story, 25-unit building recently sold to an anonymous buyer for $10.6 million, about $425,000 a unit.
The sale of the luxury rental building at 1540 W. Fullerton Avenue, which sits in west Lincoln Park near the DePaul University Campus, represents the biggest sale by price and unit count so far in 2019 for the Lincoln Park neighborhood, according to Interra Realty, which brokered both sides of the deal. The sale also includes 965-square-feet of commercial space.
According to property records, an entity tied to CDM Media CEO Glenn Willis was the seller, though it was not immediately clear who purchased the property. The commercial space, as well as all 25 units, were occupied when the deal closed.
Interra’s Joe Smazal represented the seller in the sale. He said the building attracted multiple offers. “This stabilized, newly constructed rental community is exactly the kind of property today’s middle market multifamily investor is seeking,” Smazal said in a statement.
Interra’s Jeremy Morton and Ted Stratman represented the buyer.
Rents at the building, which was completed in 2015, run as high as $3,000 a month, according to prior listings.
Last year, billionaire Joe Mansueto went into contract for the Beldem-Stratford apartments in Lincoln Park for more than $100 million.