CHICAGO- Covington Realty Partners, LLC, a Chicago-based real estate investment firm, just sold off a residential community for a significant profit and opted to purchase four single-tenant commercial buildings, including two in Chicago.
“We surveyed 300 commercial real estate investors and were told they want safety, geographically diverse properties in densely populated, affluent areas and they want regular monthly income,” says Marc Goldstein, Covington's founder and CEO.
The firm just sold Meridian Apartments, a 252-unit multifamily development in Indian Trail, North Carolina, for $24.6 million to a partnership sponsored by North Carolina-based Hawthorne Residential Partners. A Covington-sponsored tenant-in-common investment group bought Meridian in 2005 for $16.5 million. Goldstein claims investors got a 237% total return during their seven-year ownership, although that includes the monthly dividend income.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
