In The News – Crain’s: Chicago Real Estate Daily | 2 South Side apartment buildings sell for total of $6.5 million
A venture led by Chicago-based Villa Capital Properties sold two apartment buildings on the South Side, totaling $6.5 million. A group led by Michael Daniels of Skokie-based Cagan Management Group bought 4742 S. Woodlawn Ave. for $2.76 million. The deal on that 37-unit building closed July 21, said Jon Morgan, co-founder and managing principal of Interra Realty. He and co-founder and managing principal David Goss represented the seller in both transactions. Villa Capital bought that building in 2013 for $1.8 million, according to county records. “This is a very, very desirable area,” Goss said. “There are not a lot of apartments, everything is mainly very large single-family homes . . . plus you have the whole (University of Chicago) student population.” Wheaton-based T2 Capital Management bought 6901 S. Paxton Ave. for $3.75 million in a deal that closed July 22. Villa Capital bought that building for $1.4 million in 2010 when it had only 40 units, renovated it, built out the parking lot and added 10 units, Morgan said. “We seem to be doing a lot of repeat transactions on buildings we sold over the last five years where people have been able to lock in pretty substantial returns,” Morgan said. “Prices dipped substantially in certain markets, and all of these sellers frankly have added some value.” Representatives from Cagan Management Group, T2 Investments and Villa Capital did not respond to requests for comment.
See Article Here: Crain’s