Apartment Investment Advisers (AIA) brokered the recent sale of a 42-unit corridor style apartment building located at 5710 N. Winthrop Avenue, in the Edgewater neighborhood of Chicago. The seller was a private local investor, and the buyer was Fairchild Acquisitions, LLC, a local real estate development and management company. The asset sold for $5,300,000.
The property consists of studio and one-bedroom apartments and the buyer intends to renovate the property to achieve its full income potential. AIA has brokered the sale of several apartment buildings to Fairchild recently including a 28-unit building at 6211 N. Kenmore, a 39-unit building at 6000 N. Winthrop, and a 41-unit building at 6565 Lakewood.
Sam Grossman, a principal of Fairchild Acquisitions, sees multiple catalysts in the neighborhood which should lead to continued momentum and growth. “Transit-oriented, Lake access, Loyola University and quality housing stock to name a few,” Grossman said.
Fairchild has been focused on the Edgewater and Rogers Park areas immediately surrounding Loyola. After studying the area for two years, they made their first investment in the area in August of 2018. “The goal at the time was to acquire 250 units by 2024,” said Grossman. “With our fourth acquisition, we now own over 150 units, or 60 percent of our target, in just two years.”
“The Edgewater submarket is still a great value for the North Side of the city and offers investors an opportunity to scale operations quickly with the dense housing stock,” said Bill Cassin of AIA, who orchestrated the sale. “The property was well cared for by the previous owner but stands to benefit from a facelift to bring this asset back to its former glory while providing a modern standard of living.”
The millennial-friendly location has easy access to two CTA red-line stations at Bryn Mawr and Thorndale, the lakefront’s beaches and parks and is only a block from the retail corridor at Bryn Mawr and Clark. The site is surrounded by a wide selection of restaurants and entertainment venues, ranging from Blaze Pizza to Chipotle and Starbucks