One of the largest deals of the year for apartment units in Chicago has been announced by Newcastle Ltd. The company is actively acquiring rental units around the north side of the city.
The most recent deal is for $122.5 million worth of rental properties in Lincoln Park and Lakeview, two of the most popular neighborhoods for young professionals in Chicago. The deal involves a total of 886 rental units in seven different buildings around the north side.
The largest building in the deal is the Belmont House, located at 3170 N. Sheridan Road. This historic building was built in 1924. The property offers a total of 269 apartment units.
The market for apartments around Chicago has jumped as many potential buyers have been kept out of the condo market by increasingly difficult requirements by banks and lenders for new loans. This has led to a rash of new deals in the market for Chicago apartment buildings as these buyers look for luxurious rental units.
The real estate market has suffered from a strong downturn in sales of both Chicago Homes and condos in neighborhoods throughout the region. Buyers who do qualify for new loans are beginning to find excellent prices on properties throughout Chicago.
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