The 176-unit apartment building is located in the Gold Coast neighborhood of Chicago.
Greenstone Partners announces Canterbury Court Apartments, located at 1220 N. State Pkwy. in the Gold Coast neighborhood of Chicago, Illinois, has sold for $25.7 million. The 176-unit multifamily property also features the famed Zebra Lounge on the ground floor. Greenstone Partners’ Senior Director Jordan Multack and Managing Partner Danny Spitz represented the seller, with additional representation from Marcus & Millichap’s Nicholas Kanich. Multack procured the buyer, Becovic Holdings Corporation.
“It was an honor and privilege to represent the seller and his family in the timeless, pride-of-ownership sale of this Gold Coast Landmark. We ran a successful marketing campaign that yielded over 40 tours and eight offers,” said Multack. “The seller ultimately elected to move forward with Isa Becovic of Becovic Holdings, who put together a strong offer with minimal contingencies and delivered a smooth transaction. There are few opportunities like this one to acquire a vintage, family-owned, value-add multifamily property in a desirable market like the Gold Coast.”
"We recognize the tremendous value and potential of this Gold Coast landmark. Our revitalization plan will enhance the living experience for all residents while respecting the building's history and ensuring its continued affordability," said Isa Becovic, President Becovic Holdings Corporation.
Canterbury Court Apartments includes 142 studio units, 26 one-bedroom, one-bath units, 2 two-bedroom, two-bath apartments, and six additional units previously used by the former owner.
“This transaction underscores Greenstone Partners’ continued growth in the multifamily sector and the strength of our deep network of buyers,” said Spitz. “Our team’s ability to deliver exceptional results reflects our commitment to providing clients with unparalleled expertise and market insight. We’re thrilled to have facilitated the sale of this iconic Gold Coast property and look forward to driving more success for our clients in all sectors of commercial real estate.”
To learn more about Greenstone Partners, visit www.Greenstone-Partners.
