November 30, 2015
SVN Completes Sale Multifamily Portfolio for $9.5 Million
SVN Chicago Commercial
Sperry Van Ness LLC
Contact: Jeffrey Baasch
FOR IMMEDIATE RELEASE:
SVN Chicago Commercial’s Jeff Baasch has completed the sale of a multifamily portfolio of four buildings totaling 181 units. The portfolio sold for $9,500,000. The buildings are located at 6715 S Paxton, 6755 S Paxton, 6701 S Merrill and 6920 S Ogelsby in Chicago’s South Shore neighborhood. The seller was Drexel Properties and the buyer was from out of State. Jeff Baasch represented the seller in the transaction and there were no other brokers involved in the transaction. At the time of sale, the portfolio was well occupied. The buyer plans to complete a major renovation of the buildings.
According to the seller, Jeff Weinberg of Drexel Properties, “With the renewed buyer interest in this South Shore neighborhood, and the market recognizing the potential of our portfolio that we assembled, we felt this was the right time to sell the portfolio which will allow us to continue to focus on new development opportunities and investment projects.”
“We are seeing accelerating demand from out-of-state buyers for Chicago area multifamily properties who have been priced out of more expensive markets. SVN’s national footprint helped our seller maximize the value for his portfolio by more effectively tapping into the non-Chicago buyer pool,” Baasch said.
Sperry Van Ness, LLC is a national full-service commercial real estate advisory firm located at 940 West Adams Street in downtown Chicago. 312.676.1866. For more information, please visit www.svnchicago.com.
About Sperry Van Ness International Corporation
Sperry Van Ness International Corporation (SVNIC), a commercial real estate brokerage franchisor, is one of commercial real estate’s most recognized brands, based on the annual Lipsey Survey. The SVN® Organization includes more than 180 locations in 200 markets. With headquarters in Boston, Mass., SVN Commercial Real Estate Advisors provide brokerage, tenant representation, consultation, asset management, property management, and leasing, accelerated marketing and auction services. SVN Advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina and land transactions, charter schools, corporate real estate, and medical offices. All SVNIC offices are independently owned and operated. For more information, go tohttp://www.svn.com.