Source: The Bascom Group / #Apartments #Multifamily
CHICAGO, IL - Spirit Bascom Ventures a partnership between Irvine, California based The Bascom Group, and Stamford, Connecticut based Spirit Investment Partners, has acquired 6807 N. Sheridan Road for $18,875,000, its second Chicago acquisition in the past year.
The property is located in the dynamic Rogers Park neighborhood, a few blocks north of Loyola University's flagship Lake Shore Campus. Todd Stofflet of KIG CRE represented the seller in the off market transaction. Andy Feinberg, Marc Schulder, and David Harte from Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and mezzanine loan from New York based Hillcrest Real Estate.
The 1920's era 9-story building contains 160 rental units featuring unobstructed views of Lake Michigan, dramatic, has high coffered ceilings on the ground floor and approximately 10,150 square feet of fully leased retail space along North Sheridan Road. The property is located four blocks north of the Loyola Station El stop and one block west of Columbia Beach. The transformation of Rogers Park into a popular neighborhood for millennials and young professionals combined with a limited supply of large luxury properties existing or planned for the submarket is what attracted the new buyers to the opportunity.
Spirit Bascom Ventures has been focusing on acquiring value add multifamily properties along the eastern seaboard and Midwest, acquiring over $300 million in assets over the past three years. The venture also focuses on neglected urban mixed use assets is path of progress submarkets that can benefit from similar high end repositioning and is seeking to add to the two property portfolio their currently own in Chicago.
David Nachman, a principal of Spirit Investment Partners, explains, "This building has been neglected for a long time and is underperforming its potential. We're excited to unlock that potential and create a real amenity for the neighborhood." Ian Hafner, a principal of Spirit Investment Partners, adds, "We love the long term growth story in North Chicago and want to add more properties to our growing local portfolio."