The property is located at 5550 North Kenmore Ave. in the Edgewater neighborhood and consists of 371 multifamily units in two adjacent buildings that were formerly hotels.
“These two historic hotels were converted to affordable rental units in the 1990s, but retained their historic, art-deco architecture and charm,” Berkadia Chicago Managing Director Ralph DePasquale said in a release. “They have always done well in terms of occupancy and the new owners will continue to benefit from the dramatic revitalization of the area over the last decade, which still continues today.”
DePasquale and Berkadia Director Jack Maloney led the deal team, which also included Senior Managing Director Brandon Grisham of Berkadia Affordable Housing.
PEOPLE
Tegin Roche Woods was named vice president of marketing and communications at contract furniture dealership Henricksen, based in the Chicago headquarters. Roche Woods will lead the proposals, marketing and communications teams in her role.
SALES
Chicago-based CRE investment services firm Interra Realty brokered the sale of a 35-unit multifamily property at 5550 West North Ave. in the Austin neighborhood for $2.66M.
Marcus & Millichap brokered the sale of two suburban retail centers in Orland Park and Elgin, Illinois. They collectively traded for about $27M.
THIS AND THAT
Baird & Warner is expanding its Schaumburg headquarters with a 21K SF build-out at the Woodfield Corporate Center. The company is also adding the 2GetMoving Realty team in Minooka, bringing in a team of 16 agents.
Luxury Living Chicago Realty is changing its name to Luxury Living. The rental-focused real estate brokerage is timing the rebrand with the company’s 15th anniversary.
Two Lettuce Entertain You restaurants are slated to open at the new St. Regis Chicago Hotel in 2023. Japanese cuisine restaurant Miru is expected to open at the same time as the hotel in spring 2023. Tuscan steakhouse Tre Dita will also open at some point in 2023.
Alterra IOS closed the acquisition of a 14-property portfolio totaling over $86M on behalf of a private equity real estate client. The properties are located across eight states, including Illinois, and the portfolio is leased by national transportation provider Heniff Transportation Systems
Comcast is extending its advanced network infrastructure to Oak Brook Commons, a $500M mixed-use development with luxury residential, hotel and office spaces, as well as restaurants and a park, in Oak Brook.
