CHICAGO – Newcastle Limited has acquired two multi-family properties, 718 and 725 West Irving Park Road, in an all-cash deal for $16.5 million. Mark Kishtow and Mark Jones of Jameson Commercial Real Estate represented the seller in the transaction.
The properties are located in Lakeview, one of Chicago’s most popular residential neighborhoods, at the intersection of Irving Park Road and Clarendon Avenue. The courtyard-style buildings have a total of 115 one-, two- and three-bedroom apartments, 6,000 square feet of retail, and 34 parking spaces. The buildings’ proximity to public transportation, the lakefront, and nearby retail, restaurants and nightlife make them very attractive to area renters.
“Our ability to assume existing debt was a key factor in meeting the seller’s needs,” said Peter Tortorello, senior vice president of Newcastle Limited. “The certainty of execution Newcastle brought to the deal was crucial.”
Newcastle Limited is a Chicago-based real estate investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.