We're thrilled to announce the successful sale of 4927-29 N. Winthrop Ave., on the border of Edgewater/Uptown neighborhood in Chicago. This off market transaction spearheaded byTriton Realty Group LLC’s, PresidentMatthew A. Fritzshalland Senior Vice President,Harrison Cohenbridged the coast to the Midwest.
🌟 Key Players and Remarkable Collaboration Highlighting the collaborative effort made this sale a success:Harrison, leading the charge sold his west coast investor’s apartment building (the down leg) and this transaction secured the up leg for his investor. Utilizing a 1031 exchange strategy enabled a seamless transition and investment growth for our client.
🤝Matthewworked with the seller, a seasoned investor with an impressive track record, who was willing to explore this sale. A rarity as this marked only the second building this investor has sold in over two decades within the business.
👥 A stellar team effort! Our gratitude extends to the legal expertise ofChris TitcombandHarley Rosenthal, whose legal guidance and diligence navigated this transaction. A special acknowledgment to Jim Vocos, buyer’s dedicated property manager, andRob KrachofJPMorgan Chase & Co., whose invaluable contributions ensured a smooth process from start to finish.
📈 Deal Highlights
✔ Sale Price: $2,425,000
✔ Current Cap Rate: 6.41%
✔ A gem featuring 8 units, each boasting spacious 3 bed / 2 bath layouts, renovated in 2016.
🏙️ Investing in Chicago's Future: This sale stands as a testament to the thriving real estate market in Chicago. The appeal of this property, its robust potential for growth, and the collaboration of exceptional professionals underline the opportunities available in the city's vibrant real estate scene.
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