The buyer plans $3 million in renovations to communities in Austin, East Garfield Park, West Humboldt Park, North Lawndale and Roseland neighborhoods

“The submarket benefits from strong multifamily occupancy and limited new supply," says Knighthead's Peter Illuzzi.

“This infill market's high barriers to entry and tight supply dynamics combined with the property's connectivity to downtown and the broader region make it highly desirable for regional tenants," says Brodie Ruland of ASB.

One of Procida's earliest investors was Abdul Qayum, the grandfather of Omar Khan, left, who has just joined the Procida firm. The two are holding Qayum's original brochure, which Procida still keeps in his office.

“Landlords typically prefer to see demand before increasing rents and last year was a record year for demand,” says CBRE's George Cauffman.

“The buyer was in a 1031 exchange and paid full price for the asset, because they understood the value of the property and this location,” says Marcus & Millichap's Mark Taylor.

The big retailer will add its high-tech delivery towers and grocery delivery service to nine more New Jersey stores, and grocery pickup at seven stores.

Listen to our exclusive audio interview with Mark Segal, president of SkyPan International, about how architects and designers are leveraging the ability to visualize an unbuilt space and capture the scene from the skies.