Finley Askin with 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. Finley 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.
Finley represented the buyer in the sale of 7907 S Crandon, a 38-unit mixed-use property located in South Shore. Finley 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, Finley 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.
Finley has closed over $30MM and 500 units in 2022. The buyer, among others, continues to work with Finley to aggressively acquire multifamily properties. If you are interested in a free valuation or want to discuss your property, please reach out to Finley at (606) 375-5398.