CHICAGO—Spirit Bascom Ventures, LLC, a partnership between Irvine, CA-based The Bascom Group, LLC and Stamford, CT-based Spirit Investment Partners, LLC, has just acquired 6807 N. Sheridan Rd., a 160-unit building in Rogers Park, for $18.875 million, its second Chicago acquisition in the past year. As reported in GlobeSt.com, the same partners recently purchased 5200 Sheridan Rd., an eight-story, 223-unit building in Edgewater, for $21.6 million.
Todd Stofflet of KIG represented the sellers in both transactions.
The partners aim to transform both of these North Side rental communities into luxury apartments, and say demand for that kind of product was created by the migration of affluent renters into downtown urban cores.
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.
