CHICAGO, IL - KIG, an institutional multifamily brokerage, announces the sale of 5200 Sheridan Road, an 8-story former luxury hotel with 223 units situated in the Edgewater neighborhood of Chicago. This deal marks the second acquisition this year of a large neighborhood asset for renovation and repositioning by an institutional buyer.
The seller, The Kopley Group, represented by KIG’s Principal and Managing Broker, Susan Tjarksen, Managing Partner Todd Stofflet, Associate Laura Ballou and Associate Jason Stevens . The institutional partnership of Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC, purchased 5200 Sheridan Road with plans to reposition the asset with a full rehab and renovation program including unit renovation, additional resident amenities and establishing retail tenancy.
“We are excited to restore the building to prominence as a luxury rental building and participate in the exciting transformation occurring in the Edgewater/Andersonville neighborhood,” said Ian Hafner, a principal of Spirit Investment Partners.
“We have an experienced, well-capitalized team in place to replicate this business model and add to our growing portfolio of assets,” said Scott Zwilling, principal of Spirit Investment Partners.
“Located on the border of Uptown and Edgewater, this property is adjacent to the new Mariano’s, walking distance to shopping on Clark Street and nearby Foster Beach,” said Todd Stofflet, Managing Partner at KIG. “This neighborhood is experiencing a resurgence in re-development to modernize finishes and expand on amenities.”
“We are thrilled to bring institutional money to this exciting neighborhood property,” said Susan Tjarksen, Principal and Managing Broker at KIG. “It will be a game changer for Uptown.”
Originally built in the 1920s, 5200 Sheridan Road offers primarily studios and one bedroom floorplans. The units have historically high occupancy, well-maintained original hardwood flooring and a large number of units offer views of Lake Michigan. On the ground level, there is approximately 9,000 square feet of retail space. The property is located two blocks from the Berwyn Street Red Line stop and steps away from the vibrant Andersonville retail corridor and family-friendly Foster Beach.
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 Kopely Group is a multi-faceted 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 Kopely Group specializes in the acquisition and development of distinctive residential real estate including both rental and new construction projects. The company owns more than one hundred million dollars in residential real estate. The Kopely Group is best regarded for the respect and integrity it brings to every business transaction. Driven by the creative spirit, energetic style and unwavering commitment of Founder and President, K. Nocholas 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 which was formed to acquire distressed and value added multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a Stamford, Connecticut based Real Estate Investment Company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with over $300 million in holdings throughout the Northeast, Midwest, and Southeast. Bascom has completed over $10.0 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.