CHICAGO, IL - KIG, an institutional multifamily brokerage firm, announces the sale of 6801 North Sheridan Road, a vintage 9-story building with 160 units, located in the Rogers Park neighborhood of Chicago. The deal closed for $18.875 million.
The seller, The Kopley Group, was represented by KIG’s Principal and Managing Broker Susan Tjarksen, Managing Partner Todd Stofflet and Associates Jason Stevens and Laura Ballou. The institutional partnership of Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC, purchased 6801 North Sheridan Road.
“We have been one of the most active buyers of vintage assets in the northern neighborhoods of Chicago. 6801 North Sheridan Road is an architectural gem, and we are excited to restore it to its former glory,” said Scott Zwilling, principal of Spirit Investment Partners.
“We are excited to be a part of another transaction with Spirit Investment Partners. Their vision for repositioning vintage assets is exactly what Chicago neighborhoods need. The proximity to transportation and Loyola University Chicago makes this building especially attractive,” said Todd Stofflet, Managing Partner at KIG.
“We’re thrilled to see additional institutional investment in Rogers Park,” said Susan Tjarksen, Principal and Managing Broker at KIG.
Originally built in the 1920s, 6801 North Sheridan Road offers primarily studio and one-bedroom floorplans. The asset has historically high occupancy and 10,000 square feet of ground floor retail. The property is located walking distance from the Morse and Loyola Red Line stops and steps away from Lake Michigan.
Rogers Park is known to be the most diverse neighborhood in Chicago, with more than 40 languages and 80 nationalities represented by members of the community. This multicultural area is experiencing a development boom. A 145-key Hampton Inn opened in October and is located a block from the asset. On the 6400 block of North Sheridan Road, there is a proposed seven-story, mixed-use development that may include a Target. Golub & Co. and Elysian Development Group acquired the vintage 136-unit Lake Shore Tower in August for $37 million. In 2015, The Morgan at Loyola was acquired by Laramar Group for $45 million. The Loyola Red Line received a $17 million renovation in 2013. Talks of modernizing the Red Line are underway. Recently, Chicago’s aldermen, in a unanimous vote, agreed to a tax increment financing district to create a special TIF district to modernize and rebuild the Red Line on the North Side.
About KIG: KIG CRE LLC (“KIG”) is a Chicago-based commercial real estate brokerage specializing in institutional multifamily properties. KIG works with institutional owners and investors on the acquisition and disposition of large multifamily properties and portfolios, as well as consulting with developers of multifamily projects, whether apartment or condominium. KIG utilizes dynamic market intelligence created for a wider group of multifamily decision makers, resulting in a more transparent and profitable process. KIG’s principals, wielding expert, in-depth multifamily knowledge and an unparalleled track record in transactions, have assembled a forward-thinking team to interpret and deliver data-driven intelligence to today's institutional investor. For more information, please visit www.kigcre.com.
About The Kopley Group: The Kopley Group is a multifaceted and nationally respected company with thriving enterprises in the diverse sphere of real estate development, construction and venture capital. The Real Estate Division of The Kopley Group specializes in the acquisition and development of distinctive residential real estate, including both rental and new construction projects. The company owns more than $100 million in residential real estate. The Kopley Group is best regarded for the respect and integrity the company brings to every business transaction. Driven by a creative spirit, energetic style and unwavering commitment to Founder and President, K. Nicholas Kopley, The Kopley Group is evidence that having the best product and brightest people makes all the difference. For more information, please visit www.kopleygroupinc.com.
About Spirit Bascom: Spirit Bascom Ventures, LLC a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to acquire distressed and value-added multifamily assets in the Northeast, Southeast and Midwest markets. Based in Stamford, Conn., Spirit is owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with more than $300 million in holdings throughout the Northeast, Midwest, and Southeast. Bascom has completed more than $10 billion in multi-family and commercial value-added transactions since 1996, including more than 260 multifamily properties containing over 68,000 units. Bascom frequently ranks among the top 50 multifamily owners in the US. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the North America.