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ShainRealty Buys in East Garfield Park
A 96-unit apartment complex at 3147 W Madison in East Garfield Park on Chicago’s West Side has traded to ShainRealty Capital, a Los Angeles privately-owned real estate investment firm, for $8,200,000. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the transaction for both seller and buyer.
The deal presented an opportunity for ShainRealty to acquire a sizable multifamily asset from a long-term owner with significant rental upside. The complex is almost entirely leased to Section 8 tenants through the Chicago Housing Authority.
Jonathan Shainberg, of ShainRealty Capital, said, “this acquisition made complete sense for us as it is rare to see a multifamily opportunity of this size, unit mix, and newer vintage of construction to be available. We plan on executing an immediate and sizeable Capex renovation plan to enhance the asset.”
Arbor Realty Trust provided the Fannie Mae debt of $6,756,000 at 2.81% interest for seven years.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
