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Condo Converter Pays $48M for Catherine Courts

CHICAGO-Neri Development Inc. pays $97,189 per unit for the four-building complex at 5300 N. Cumberland Ave., near the Kennedy Expressway, Blue Line and O'Hare International Airport.

By Mark Ruda | Updated on July 29, 2005

(To read more on the multifamily market, click here.)

CHICAGO-The 498-unit Catherine Courts Apartments has been sold for more than the asking price. Park Ridge-based Neri Development Inc. paid $48.4 million for the four-building complex near O’Hare International Airport, $1.4 million more than Catherine Courts LLP was asking for the property at 5300 N. Cumberland Ave., with intentions of undergoing a condominium conversion.

“It’s hard to find a better location to suit a versatile lifestyle,” says Inland Real Estate Sales Inc. vice president Richard Lewis, who represented the limited partnership with Joe Esselman, Kevin List, Jordan Shtulman and Andrew Watson. In addition to being across Cumberland Avenue from Catherine Chevalier Woods, the complex is less than a half-mile from the Kennedy Expressway and Chicago Transit Authority’s Blue Line.

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