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AIA Brokers Sale of Value-Add Apartments Near Loyola U.
Apartment Investment Advisers (AIA) recently sold a 40-unit apartment building near Loyola University in the North Side’s Rogers Park neighborhood. The seller was a private investor out of New York, and the buyer was Fairchild Acquisitions LLC, a local real estate development and management company. The property sold for $6,650,000 or $166,250 per unit.
The courtyard building consists of large one-bedroom, two-bedroom, three-bedroom and four-bedroom apartments that were fully occupied at the time of sale. Fairchild intends to renovate the property to achieve its highest income potential.
“The Loyola neighborhood submarket is still a great value for the North Side of the city, and I’ve been beating that drum for years,” said Bill Cassin of AIA, who orchestrated the sale. “The property needed someone like Fairchild to implement a renovation strategy to bring this asset back to its former glory, while providing a modern standard of living.”
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- ◦Sale/Acquisition
