Jul
05

Chicago Real Estate Firm Believes in Rental Market

July 05, 2011

More homeowners are opting to rent in today’s tough economy, and one Chicago real estate firm is investing in that trend.

Newcastle Limited has bought a 17-story apartment building in Chicago’s Lakeview neighborhood for $33.3 million.

The 162-unit apartment building, at 533 West Barry Avenue, was purchased in an all-cash deal from an affiliate of Evanston-based Revere Corp.

533 W. BarryThe investment is part of Newcastle’s $500 million Chicago real estate investment platform, in which the company invests in local residential and retail properties.

At $206,000 per unit, 533 West Barry is the largest rental acquisition the company has made in the last year.

Located one block east of Broadway, the apartment building is in a great area, near the lakefront, public transportation, shopping and entertainment. To give you location perspective; it’s walking distance from Lincoln Park Zoo.

The 149,702-square-foot property offers one-, two- and three-bedroom units and is almost completely occupied. Homes have wall-to-wall carpeting and large windows that provide views of the lake and the city skyline.

Heat is included in the rent, and each tenant controls their own air conditioning. There is a 24-hour doorman, a laundry room and an attached garage that provides a one-to-one parking ratio.

Newcastle will be investing more into the property, which was built in 1966, and will update the units, common areas and exterior of the property over the next three years.

“Opportunities like 533 W. Barry surface only rarely and we were pleased to have been able to acquire the property,” said Michael R. Haney, President and CEO of Newcastle Limited.

“The property’s location, parking and unit mix were all factors in our decision to purchase the property. Our planned improvements will further enhance its appeal to area renters.”

For more information on this Chicago rental building, visit 533westbarry.com.

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