Edgewater Sale Nets Year’s Second Highest Price Per Unit
The firm’s Patrick Kennelly and Paul Waterloo represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. The property was gut-renovated in the past year, and the apartments were fully-occupied at closing.
“Going into 2020, investors continue to search for high-quality, stable assets in established North Side neighborhoods like Edgewater,” said Kennelly. “The record pricing is especially significant given that these apartments were smaller-format layouts, averaging about 600 square feet. Their recent renovation, along with the desirable location of the asset, will allow the property’s new owner to collect attractive rents.”
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