Apartment Investment Advisers sold an 8-story apartment building located at 940 W/ Winona St. in Chicago’s Uptown neighborhood for $8.25 million.
Apartment Investment Advisers intends to modernize the building. Bill Cassin of Apartment Investment Advisers brokered the sale on behalf of a private investor that has owned an operated the apartment building since the mid-1990s.
The sale and planned repositioning of the apartment building will be similar the sale of another Uptown, 8-story building at 817 Lakeside, which is currently undergoing a comprehensive renovation.
According to Cassin, many vintage properties in the area are built well enough to convert into luxury apartments that complement the vintage style. In a statement he added that successful investors can achieve monthly rental rates above $2.00 per square foot while rents at dated properties can be as low as $1.00 per square foot.