Chicago & Midwest + South Side + Apartments | May 26, 2023

NCPM Expands South Shore Apartment Holdings

A local apartment investor has greatly expanded its holdings in Chicago’s South Shore neighborhood, paying $22 million for two properties close to the Obama Presidential Center, the Chicago Tribune reported.

New City Property Management (NCPM) bought Shorewind Apartments, a 16-story building at 7000 S. South Shore Dr. on the lakefront, along with a smaller building one block west at 6951 S. Oglesby Ave., from San Francisco-based Belveron Partners.

The two buildings together have 250 units, according to a spokesperson for Belveron. The price tag is significantly more than the $16.8 million that Belveron, one of the nation’s largest owners of affordable housing, paid for the 1920s-era buildings four years ago.

James Oppenheimer, NCPM’s founder and CEO, told the Tribune that as a local firm it’s committed to holding these properties for years, will provide needed investment and will do so without displacing tenants, many of whom get rental subsidies.

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About Paul Bubny

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).

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