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Newcastle Snaps Up River West Apartments
Locally-based Newcastle Limited has purchased 504 and 505 N. Green Street, a two-building apartment community in the fast-growing River West neighborhood. Deal terms were not disclosed.
Crain’s Chicago Business reported that the property, which opened in 2016 as Kenect, traded for $85.5 million. It was sold by its developers, a venture led by Chicago-based Akara Partners, according to Crain’s.
John Jaeger and Dan Cohen of CBRE represented the seller in the transaction.
“The property is a great addition to our growing retail and multifamily portfolio,” said Brennan Hitpas, managing director of Newcastle. “Demand from residents working in the nearby and fast-growing Fulton Market will be particularly high.”
Located at the northwest corner of Grand and Milwaukee avenues and Halsted Street, the 227-unit property is centered between River North and Fulton Market. The buildings are adjacent to the CTA Grand Blue Line Station and several major CTA bus lines.
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- ◦Sale/Acquisition
