Two former Chicago hotel buildings later converted into apartments have been sold for more than $40 million, the Chicago Business Journalreported. Los Angeles-based investment firm Standard Companies closed Dec. 7 on the acquisition of the 371-unit Bryn Mawr Belle Shore Apartments, located at 5550 N. Kenmore Ave. in the Edgewater neighborhood, from Chicago-area Eagle Management RE LLC. The buildings also include retail space.
Ralph DePasquale with Berkadia represented the seller along with colleagues Jack Maloney and Brandon Grisham.
Built in the 1920s as hotels and located across the street from one another, the buildings were landmarked by the city. “These two historic hotels were converted to affordable rental units in the 1990s but retained their historic Art Deco architecture,” said DePasquale. “[The apartments] are mostly studios and some one-bedroom units.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!