Berkadia Negotiates Sale of 296-Unit Lakeview Multifamily

Berkadia announced the sale of 3121 N. Sheridan Road, a 296-unit residential property located in Chicago’s Lakeview neighborhood.

Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders of Berkadia Seniors Housing & Healthcare collaborated with Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee to complete the sale.

The property sold for an undisclosed amount. The seller was a publicly traded corporation, and the buyers were a local investment group and Annenberg Investments, Ltd. The property will be managed by Peak Properties and leased by Cross Street.

Originally built in 1950, the facility was formerly a seniors living property, which will undergo a comprehensive repositioning, including high-end amenity spaces and modern apartment units. Located steps from Lake Michigan and Belmont Harbor, 3121 N. Sheridan offers immediate access to the Lakefront, public transit, neighborhood retail, and Chicago landmarks, including Wrigley Field and DePaul University.