Cedar St., a leading diversified holding company headquartered in Chicago, purchased a well-known multi-family building on the corner of Milwaukee and Evergreen in Wicker Park.
The property located at 1422 N Milwaukee was purchased for $4.2 million through a loan provided from First Bank. Cedar St. plans to gut and rehab the existing units on the second and third floor into twenty apartments that fit into their FLATS big style, smart spaces concept. The property has a large underutilized backyard space that will be transformed to an outdoor space that encourages community interaction for residents Additionally, Cedar St. has plans to install a billboard on the property.
“We know there are many consumers seeking to live in highly sought after Chicago neighborhoods, like Wicker Park, under the average market value,” said Alex Samoylovich, managing partner. “We are able to source buildings like this and in turn make it provide a solution for the needs of the Millennial consumer.”
