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Bucktown Apartments Trade for $51 Million
New York-based Harlington Realty has acquired Centrum Bucktown, a 94-unit apartment development in the northwest side’s Bucktown neighborhood, for $50.5 million, Crain’s Chicago Business reported. The property, which opened last year, marks another in a lengthy series of multifamily deals citywide in 2018.
Located at 1743 N. Leavitt St., Centrum Bucktown is currently 97.8% occupied. The sale “was a very successful deal for us,” developer John McLinden told Crain’s, declining to say how much the project cost to develop. “I wouldn’t have minded holding onto it, but at that price, we decided to move forward with the sale.”
Eastdil Secured arranged the sale, according to Crain’s. It comes just a few weeks after Mansueto Ventures bought another high-profile North Side property, Belden-Stratford Apartments.
Harlington, a family office, owns apartment, office and retail properties in the New York area. The Bucktown property is its only Chicago asset, according to its website.
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