Nate Gautsche and Sean Mason facilitated the off-market sale of 3421 N Ashland in Chicago’s Southport Corridor for $17,150,000. This new construction, 53-unit, luxury apartment building offered an attractive unit mix of studios, 1BR and 2BR apartments in a high barrier to entry market. The building features excellent amenities including an expansive roof deck, gym, dog walk, and co-working space. 10% of units are designated as affordable at 60% AMI under Chicago’s Affordable Requirement Ordinance (ARO).
Unlike most recent transactions of this type, the sellers (Wildwood Investments and Contemporary Concepts) were not in distress and debt was not assumed by the local buyer (Whitewater Management Holdings). Debt was provided by Kyle Kalkofen and Melissa Ambrose at JP Morgan Chase. The property will be managed by KMA Property Management Services Inc., who has experience managing both market rate and affordable units.
Nate and Sean continue to seek similar opportunities in the market on behalf of their clients. Please reach out for more information on this sale and current client needs.
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