CRER Senior Director Finley Askin represented the buyer in the off-market purchase of a 70-unit apartment building located at 7350 S. Phillips Ave in Chicago’s South Shore neighborhood. The asset sold for $3,150,000 or $45,000 per unit.
The five-story brick building, originally built in 1929, spans over 49,000 square feet and includes a mix of 1, 2, and 3 bedroom units. At the time of sale, the property was in foreclosure and had low occupancy, requiring a full repositioning.
Finley Askin sourced the deal off-market and worked closely with the buyer throughout the process. Finley’s experience in distressed multifamily acquisitions and understanding of the local landscape played a key role in getting the transaction closed.
The buyer has plans to fully renovate and stabilize the building which will help meet the housing demand in South Shore. This transaction reflects CRER’s ongoing work in value-add multifamily and off-market deals across the city.
