Avanath Capital Management has acquired Lincoln Park Plaza, a 256-unit mixed-use, mixed-income multifamily community with ground-floor retail, located in the Lakeview submarket of Chicago, for $119 million.
Built in 1981, Lincoln Park Plaza consists of one 17-story building with 190,950 square feet of residential space and 26,287 square feet of retail space. The property also features a three-story parking garage consisting of 198 parking spaces and access to Zipcar via the rideshare platform's app.
Avanath plans to update the parking garage and make other improvements to the property.
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