Concord Capital acquired the Elaine Place portfolio, nine apartment buildings totaling 182 units and 105 parking spaces along the 3400 block of North Elaine Place in Chicago’s Lakeview neighborhood for $61.5 million.
The seller was CLK Properties. The off market transaction closed August 12 and was facilitated by Sean Connelly of 33 Realty.
The buildings date from 1894 to 1959 and sit on a tree lined block between Wrigley Field and Lake Michigan, two blocks from the lakefront and walking distance to CTA Red Line service. The portfolio was approximately 95 percent occupied at closing.
The apartments are already in excellent condition, and Concord’s approach reflects that. Rather than a repositioning, individual units will receive selective cosmetic refreshes at lease renewal or at turnover.
Separately, the site carries existing FAR for up to 306 units, giving Concord a long term path to add density on land it already owns. Total capitalization is approximately $78 million.
Concord is retaining Elaine Place as a long term hold. Leasing is handled by Velocity Group Real Estate. Debt financing was arranged by Jason Bond at Berkadia.
