CHICAGO – Newcastle Limited has acquired a 12-story, 73-unit apartment building at 24 S. Morgan for $31.25 million. The building includes 73 apartments, 3,300 SF of ground-floor retail space, and an 80-space parking garage. The asset is Newcastle’s eighth West Loop acquisition in the past 12 months. Newcastle plans to update the property’s common areas and apartments, and improve current apartment occupancy.
“This is relatively newer asset that will benefit from Newcastle’s management and leasing expertise,” stated Peter Tortorello of Newcastle Limited. ”We thought it was a great opportunity to acquire an existing, nearly stabilized asset and expand our portfolio in a very dynamic Chicago submarket.”
Newcastle made its first West Loop investment in 2012, and owns a variety of retail, multifamily assets and development parcels in the neighborhood. Notably, the firm is redeveloping properties on Randolph, Green and Peoria Streets where its tenants include Green Street Meats, Parlor Pizza, and Bill Reid.
Newcastle Limited is a real estate investment firm that acquires, develops and owns urban retail and multifamily properties in Chicago. An entrepreneurial investor with institutional backing, the firm can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney, CEO, at (312) 252-1401 or visit the company’s website at www.newcastlelimited.com.