Source: Newcastle Limited
CHICAGO, IL - Newcastle Limited has acquired 426 West Belmont, a 13-story, 98-unit apartment building in Lakeview. The $10.55 million, all-cash purchase was made on behalf of the firm's $500 million Chicago real estate investment platform. Bill Baumann of the Kiser Group represented the seller in the transaction.
The property is located in the densely populated and affluent Lakeview neighborhood, and offers a mix of studio and one-bedroom apartments. Proximity to public transportation, Belmont Harbor and the lakefront, as well as to nearby retail, restaurants and nightlife, make it attractive to area renters.
"Our acquisition of this asset helped the former lender liquidate its position, and was another great addition to our growing portfolio," said Michael R. Haney, president and CEO of Newcastle Limited. "Our all-cash offer provided certainty of execution and a quick close -- important considerations for lenders forced to foreclose on properties. The property has a great location and offers an opportunity to upgrade the look and amenities of the building to appeal to today's renter."
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly.