CHICAGO, IL – A longtime owner sold a vacant apartment building slated for renovations in one of Chicago’s upper-income neighborhoods for $8 million. Earlier this month the Manilow family sold 2718 N. Hampden Court in the Lincoln Park neighborhood to local investors Gabe Hostick and Edwin Vdovets, said Craig Martin with Interra Realty LLC, who represented the seller and buyer. The seller had owned the 51-unit building for 50 years.

The sale price came to $160,000 per unit. Upgrades to the units, which are all one-bedrooms, is expected to begin soon.

“The building was 100% vacant at time of the sale. This was at the buyers’ request as they wanted to start renovating the property shortly after closing,” said Martin. “The buyers plan to fully renovate the property with designer finishes and boutique amenities including a gym, resident lounge area and bike storage.”

Read the full article at: Chicago Business Journal

See addition articles on this transaction below:

RE Business Online: Interra Brokers $8.2M Sale of Multifamily Property in Chicago’s Lincoln Park