Crain’s chicagobusiness.com - January 4, 2008

Newcastle Buys Lincoln Park Apartment Building

CHICAGO - A venture led by Chicago real estate investment firm Newcastle Ltd. paid $8 million for a 28-unit apartment building in Lincoln Park.

The three-story property near Clark Street and Webster Avenue had been owned since 1988 by a group of investors that included Robert Berliner Jr. Newcastle president and CEO Michael Haney couldn't be reached for comment.

The 31,429-square-foot building at 2200-2222 N. Clark St. includes 16 studios, 8 one-bedroom and 4 two-bedroom units with hardwood floors, exposed brick walls and loft-like ceilings, Mr. Berliner said.

Ground-level tenants at the fully leased building include Cosi Inc. and Treats Frozen Desserts, he said. "It seemed like the right time to sell," Mr. Berliner said of the Nov. 27 deal. "It was a great asset to own."

After raising $500 million in 2006, Newcastle has been scouring neighborhoods like South Shore and Uptown for apartment and retail properties in the $5-million to $50-million price range. Mr. Haney said in November that Newcastle and its partners own about 700 apartments in the Chicago area and had another 900 in the Chicago area under contract.

Newcastle bought the property through an entity called Old Pro LLC, named after a double-black diamond ski run in Crested Butte, Colo. Mr. Haney, an avid skier, likes to form LLCs with names of runs in Crested Butte, a ski town where he owns a home.

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