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.
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