ShainRealty Capital Divests 8-Property Kenwood Apartment Portfolio
A 200-unit multifamily portfolio located in Chicago’s Kenwood neighborhood sold for an undisclosed sum. The SR8 Portfolio, encompassing eight properties within a two-mile radius, sold to a local Chicago syndicate, led by Eagle Infinite Investments. It marked the first company disposition for seller ShainRealty Capital, a Los Angeles privately-owned real estate investment firm.
Interra Realty’s Lucas Fryman & Ted Stratman brokered the transaction.
Jonathan Shainberg, of ShainRealty Capital, said, “One of the most attractive features of the deal was the in-place assumable agency debt, providing the buyer with 66% LTV and a 4.18% fixed interest rate for the remainder of the loan. Given that new debt today originates at 150 bps higher, the buyer will have extra cash flow to continue the rehab & rental growth plan we started. Furthermore, the properties are walking distance to the University of Chicago, which will keep rental demand strong for years to come.”