In a striking demonstration of market acumen and negotiation expertise, CRER (Chicago Real Estate Resources) is thrilled to announce a monumental transaction in the Chicago real estate landscape. Our very own Steven Rapoport, CCIM, Senior Director, has skillfully facilitated the off-market sale of a colossal 23-building portfolio near Midway Airport. This transaction, worth a staggering $21.5 million, marks a significant milestone not only for CRER but also for the vibrant real estate scene in Chicago.
Portfolio Overview: A Blend of Residential and Commercial Spaces
This impressive portfolio spans approximately 251,000 square feet, offering a unique mix of residential and commercial spaces. The collection of buildings, situated in a strategic location near Midway Airport, presents a significant footprint in the area’s real estate market. The portfolio’s versatility is evident in its composition – a harmonious blend of residential units and potential-rich commercial spaces.
Residential Success and Commercial Potential
At the time of the sale, the residential segment of this extensive portfolio was operating at an impressive 94 percent occupancy rate. This figure not only reflects the high demand for quality living spaces in the area but also underscores the portfolio’s strength in providing desirable residential options.
On the other hand, the commercial spaces within this portfolio presented an exciting opportunity for value addition. Operating at around 40 percent vacancy, these areas offer immense potential for growth and development. This blend of established residential success and commercial potential makes this portfolio a unique and attractive investment.
A Strategic Acquisition Near Midway Airport
The location of this portfolio near Midway Airport adds a strategic advantage, positioning it in a bustling area with high connectivity and accessibility. This locale is not just a transit hub but also a growing community with a dynamic mix of businesses and residences. The acquisition of this portfolio in such a key location indicates a forward-thinking approach to real estate investment, tapping into both current demand and future growth prospects.
Steven Rapoport, CCIM: A Testament to Expertise
Steven Rapoport’s role in facilitating this sale is a testament to his expertise and deep understanding of the real estate market. As a CCIM (Certified Commercial Investment Member), Steven brings a wealth of knowledge and a nuanced approach to complex transactions. His ability to navigate and close this off-market deal highlights his skill in identifying and capitalizing on unique opportunities in the real estate sector.
Looking Ahead: A Bright Future for Chicago Real Estate
This significant sale is more than just a transaction; it’s a clear indicator of the robust and dynamic nature of the Chicago real estate market. The success of this deal reflects the ongoing demand for quality real estate in the city and the surrounding areas. As CRER continues to play a pivotal role in shaping the landscape of Chicago’s real estate, we look forward to more such landmark transactions that drive growth and prosperity in our vibrant city.