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Newcastle Buys $122M Multifamily Portfolio

CHICAGO-The seven properties are located in Chicago's Lakeview and Lincoln Park communities and have occupancy rates of 97% to 98%.

By Gina Kenny | Updated on January 16, 2008

(Read more on the multifamily market.)

CHICAGO-Newcastle Ltd., based here, is buying a seven-property, multifamily portfolio in Chicago’s Lakeview and Lincoln Park neighborhoods. The total acquisition price for the 896-unit portfolio is $122.5 million, says Michael Haney, president and CEO of Newcastle. The seller is an affiliate of Wexenthaller Realty Management, based here. Newcastle has already closed on the Belmont House, 3170 N. Sheridan Rd., which it acquired for $56 million, Haney says. The firm expects to close on the remaining properties within 30 days, he says.

Besides Belmont House, the portfolio includes a 75-unit apartment building at 532 W. Roscoe; a nine-story 146-unit apartment building at 425 W. Surf; a 48-unit apartment building at 3610 N. Pine Grove; a 143-unit apartment building at 707 W. Sheridan Rd.; a 90-unit apartment building at 510 W. Wellington; and a 119-room hostel at 616 W. Arlington. All of the apartment buildings have occupancy rates between 97% and 98%, Haney tells GlobeSt.com. The average unit size for the portfolio is 650 sf. The majority of the buildings were constructed in the 1920′s. The buildings on Roscoe, Pine Grove and 707 W. Sheridan were constructed in the 1970′s. “A lot of these properties have parking associated with them,” he says. “Across the portfolio, there are 0.5 spaces per unit, which is pretty unique in this neighborhood.”

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