DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group , has acquired Linkt Apartments in Chicago.
The River West neighborhood property includes 47 luxury apartments and two street-level retail tenants. The property sold for $14.2 million.
DMG Capital partnered with Philip Galligan and Danny Kaufman of JLL Capital Markets to arrange the debt financing. This is DMG Capital’s third acquisition in six months, totaling $40 million in new assets.
The modern condo-quality construction includes gourmet kitchens, upscale bathrooms, private balconies, in-unit washer/dryers and indoor parking. Also, the building is in a highly sought-after location with easy access to the CTA Blue Line and Kennedy Expressway. Linkt Apartments also has desirable community spaces such as an outdoor patio and fitness center.
Meredith Katz, Shareholder and Co-Chair of the Chicago Real Estate Practice at global law firm Greenberg Traurig, LLP, and Ariel Murray, a Chicago Real Estate Shareholder at the firm, represented DMG Capital in the purchase of Linkt and worked closely with the DMG Capital principles to reach a successful conclusion.
Additionally, Linkt has strong amenities and a modern design which are key factors in the building’s 95% occupancy rate. DMG will be managing the building and overseeing a common area refresh and light unit rehabs that will continue to elevate the value of the building and its desirability for future potential residents. The fitness center, outdoor green space and lobby will all be a part of the upgrades that will happen in the second half of 2024. Additionally, the apartment rehab work will happen as part of the prep for new residents and include blinds, closet organizers and upgrades to lighting and hardware.
Additionally, DMG will review Linkt’s branding and online presence to ensure both are helping positively build the building’s reputation, strengthen relationships with residents and attract new residents.
Craig Martin of Interra Realty was the buyer’s broker and Joe Smazal of Interra Realty was the listing broker.
