CHICAGO–The robust market for residential properties in Chicago is beginning to have an impact far from the West Loop and other hot neighborhoods. The institutional partnership of Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC, has just purchased 5200 Sheridan Rd. in Edgewater from The Kopley Group for $21.6 million and plans to give the 8-story, 223-unit building a full rehab and renovation.

"We are seeing a significant amount of interest from the institutional investors in these up-and-coming neighborhoods," Todd Stofflet, managing partner, KIG, tells GlobeSt.com. He and the multifamily brokerage's principal and managing broker, Susan Tjarksen, and associates Jason Stevens and Laura Ballou represented Kopley in the deal.

Built in the 1920s, the former luxury hotel was later converted into studios and one bedroom apartments. The units have historically high occupancy, Stofflet adds, well-maintained original hardwood flooring and a large number of units offer views of Lake Michigan. "It's all representative of the neighborhood's standard units, but miles away from the type of luxury found in Lincoln Park and downtown."