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Seller Asking $51M for 528 Apartment Units

CHICAGO-The three apartment buildings on South Shore Drive have a combined 97% occupancy rate.

By Gina Kenny | Updated on April 30, 2008

CHICAGO-Three apartment buildings on South Shore Drive, with a total of 528 units, are now on the market. The 21-story building at 7345 S. Shore Dr., the 34-story building at 7447 S. Shore Dr. (also known as the South Shore Beach apartments) and the 13-story building at 7300 S. Shore Dr. have an asking price of $50.8 million.

The “private seller” is based in Chicago, says John Olar, an associate VP of investments and director of Marcus & Millichap’s national multi-housing group, who is marketing the buildings. The owner is “selling, as they were really an add-value buyer,” Olar says. “They are also a condominium developer and these buildings were in their pipeline for conversion purposes.”

The seller had acquired the buildings within the past five years and renovated them for condominium conversions but, given the current housing market, has decided to sell the buildings, he says. All three of the buildings have undergone significant capital improvements in the past few years, Olar says. The owner had done improvements to the roofs, windows, elevators, electrical systems and boilers in addition to redoing the parking. A fitness center was installed at 7447 S. Shore Dr., he says.

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