Apartment Investment Advisers (AIA) announced the recent sale of a 40-unit apartment building located at 6565 N. Lakewood, near Loyola University in the Rogers Park neighborhood of Chicago. The seller was a private investor out of New York, and the buyer was Fairchild Acquisitions, LLC, a local real estate development and management company. The property sold for $6,650,000 or $166,250 per unit.
The courtyard building consists of large one-, two-, three- and four-bedroom apartments that were fully occupied at the time of sale. The buyer intends to renovate the property to achieve its highest income potential. AIA has brokered the sale of multiple apartment buildings to Fairchild previously and within proximity to Loyola University, including a 28-unit building at 6211 N. Kenmore Avenue and a 39-unit building at 6000 N. Winthrop Avenue.
Sam Grossman, a principal at Fairchild, sees multiple catalysts in the neighborhood which should lead to continued momentum and growth. “Transit-oriented, lakefront, Loyola University and quality housing stock to name a few,” Grossman said. After studying the Edgewater and Rogers Park submarkets for two years prior, Fairchild made their first investment in the area in August of 2018. “The goal at the time was to acquire 250 to 300 units by 2024. With this our third acquisition, we now own 108 units, or 43 percent of our goal, in just over 18 months.”
“The Loyola neighborhood submarket is still a great value for the North Side of the city, and I’ve been beating that drum for years,” said Bill Cassin of AIA, who orchestrated the sale. “The property needed someone like Fairchild to implement a renovation strategy to bring this asset back to its former glory while providing a modern standard of living.”
The millennial-friendly location has easy access to the CTA red-line station at Loyola, the lakefront’s beaches and parks, and steps from Loyola University’s Lakeshore Campus. The site is surrounded by a wide selection of restaurants and entertainment venues, ranging from Blaze Pizza to Chipotle and Starbucks.