The new construction property was brokered by Director Jordan Multack
Greenstone Partners announces 2247-49 West Lawrence Ave. in the Lincoln Square Neighborhood of Chicago, Illinois, has sold for $7.1 million. The mixed-use property features 24 apartment units and 1,950 square feet of ground-floor live work space. Greenstone Partners’ Director Jordan Multack represented the buyer, Breneman Capital, and the seller in the transaction.
“This deal was a strong investment opportunity that saw solid interest from both local and out-of-state buyers,” said Multack. “With Lincoln Square’s strong demographics, proximity to public transportation, and vibrant neighborhood, all of the fundamentals are there to make this a compelling investment.”
“It was a pleasure working with Jordan Multack and the Greenstone Partners team on another investment,” said Drew Breneman, Founder & CEO of Breneman Capital. “We were drawn to this particular property since it checks all the boxes we typically look for: Well-located, high-quality construction, and an immediate path to increase the value and cash flow quickly through leasing the vacant retail space and adjusting the apartment rents to market rates.”
The mixed-use property comprises 22 market-rate apartments, one office space, and two affordable apartments. The mix of the apartments features (1) 1 Bed/1 Bath ARO unit, (1) 3 Bed/2 Bath ARO unit, (13) 3 Bed/2 Bath units, (4) 2 Bed/2 Bath units and (5) 1 Bed/1 Bath units. The apartments feature brand-new quartz countertops, white cabinets, stainless steel appliances, separate HVAC, dishwashers, on-site parking, and laundry in-units. The property also features a rooftop deck, with seating and an outdoor tv for its residents, accessed by the elevator.
“We were able to generate a ton of interest for the property through our vast database of local and national investors. Through our marketing efforts, we were able to yield multiple offers. The sellers elected to go with Breneman Capital due to their proven track record of successfully closing stabilized assets in this market,” said Multack.
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
