Berkadia, brokered the sale of 1344 North Dearborn, a 94-unit, high rise-style multifamily property in the Gold Coast neighborhood of Chicago. Managing Director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Illinois-based Ravinia Capital Group.
1344 North Dearborn sold for $27 million to Bill Silverstein, owner of Beal Properties, a private real estate office. The sales price reflects a per-unit price of $287,234 or roughly $388 per square foot. The property was 95% occupied at the time of the sale.
Located at 1344 North Dearborn Street, the property affords convenient access to Lincoln Park, several beaches, Mag Mile, and nightlife. Built in 1967, the property features 94 units that had been converted to individual condominiums but then recently de-converted back to 100% rental community.
