Bryn Mawr Belle Shore Apartments, Chicago, IL | Sold by Berkadia 2022

December 27, 2022

Bryn Mawr Belle Shore Apartments, Chicago, IL | Sold by Berkadia 2022

December 27, 2022
34030

Berkadia Completes Over $40 Million Sale of Multifamily Property in Chicago

CHICAGO, IL – December 15, 2022 – Berkadia announced today the sale of Bryn Mawr Belle Shore Apartments, 371 multifamily units in two adjacent buildings located in the Edgewater neighborhood of Chicago, Illinois. Managing Director Ralph DePasquale and Director Jack Maloney of Berkadia Chicago led the deal team which also included Senior Managing Director Brandon Grisham of Berkadia Affordable Housing. The sale, which was in excess of $40 million, was completed on behalf of the seller, Illinois-based Eagle Management RE, LLC. The buyer was New York-based Standard Companies, and the deal closed on December 7.

“These two historic hotels were converted to affordable rental units in the 1990’s but retained their historic, art-deco architecture and charm,” said DePasquale. “They have always done well in terms of occupancy and the new owners will continue to benefit from the dramatic revitalization of the area over the last decade, which still continues today.”

Located at 5550 N Kenmore Ave., Bryn Mawr Belle Shore Apartments is comprised of two separate former hotels located within a few hundred feet of each other. Both feature beautiful art-deco designs with dramatic original lobbies. Most units are large studio floor plans with walk-in closets. Community amenities include a fitness center and laundry facilities. The property affords residents convenient access to Foster Beach, Sydney R. Marovitz Golf Course and Weiss Memorial Hospital. The property is also within a block of the newly rebuilt Bryn Mawr Elevated Train station with service to the CBD (Loop).

371-Unit Apartment Property in Chicago Sells for $40Mln | CRE Direct

Landmark apartments in Edgewater sell in $46 million deal | Crain’s Chicago Business

Chicago’s Bryn Mawr Belle Shore Apartments fetch more than $40 million in sale | Chicago Business Journal

Edgewater Apartment Complex Trades for $40M-Plus | Connect CRE

This Week’s Chicago Deal Sheet | BisNow