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Standard Companies Places Bet on North Side Multifamily
Los Angeles-based Standard Companies has placed a bet on continuing momentum in North Side multifamily, buying Lakeview 3200 for an estimated $53 million from a development group led by Greg Moyer. The 90-unit apartment property with a TargetExpress on its ground floor is a block from the Chicago Transit Authority’s Belmont stop, and a 10-minute walk from Wrigley Field.
The seven-story property in Chicago’s upscale neighborhood was completed in 2016. “It’s at the epicenter of all the action in Lakeview,” said Standard partner Robert Koerner, head of its Midwest operations.
It’s also removed from the construction boom downtown, where some observers worry about potential oversupply. Lakeview 3200’s rents are below current market rates, and Standard believes it can increase the property’s value with upgrades, in addition to hiking the rents.
The estimated selling price was below the expected $60 million, suggesting that the property offered good but not spectacular returns.
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- ◦Sale/Acquisition
