CRER recently arranged a portfolio sale consisting of six properties, 208 units located across the south side of Chicago between a New Jersey buyer and four local sellers. CRER represented both the seller and buyer in the sale of the two Chatham properties, 741 E. 79th St, a 87-unit mixed-use property, and 7850 S. Cottage Grove, a 24-unit mixed-use property.
CRER represented the buyer in the sale of 7907 S Crandon, a 38-unit mixed-use property located in South Shore. CRER also represented the buyer in the sale of 9001 S. Bishop, 9036 S. Bishop, and 9335 S. Laflin, a 59-unit multifamily portfolio located in Brainerd. The total sales price was $11,475,000 or $55,168 per unit.
The buyer sought to purchase 200+ units in order to obtain more favorable financing terms. Due to the lack of availability of portfolios of that size, CRER was able to successfully achieve the buyer’s 200+ unit requirement by assembling properties from four different sellers into one portfolio sale. Because of the favorable financing terms, the buyer was able to pay more for each property than what the sellers could have achieved if they would have sold them individually