Monarch Realty Partners has closed the sale of Ravenswood Terrace Apartments, a 150-unit rental property on Chicago’s North Side for $46 million. Located at 1801 W. Argyle Street, the sale represents the highest-value multifamily transaction in the Ravenswood neighborhood, according to CoStar.
Bill Baumann, co-founder of Monarch Realty Partners, represented the buyer, Chicago-based TLC Management, which plans to add the property to its existing rental portfolio.
“Even during the pandemic, we continue to see buyers invest in multifamily properties,” said Baumann, “especially where you have a high-quality asset, strong location or in this case both.”
Built in 2014 by Chicago developer Belgravia Group, the property was recapitalized in 2016 when Washington, D.C.-based The Carlyle Group purchased a majority interest in the property. The complex features a clubhouse, fitness center, rooftop deck, community garden and a large open courtyard. The property is 7.5 miles north of downtown Chicago and approximately 2.5 miles north of Wrigley Field.
“Ravenswood Terrace is a unique asset for the city in that it is a modern, garden-style property more typical of suburban markets where land is more plentiful,” said Baumann. “In this case, the developers had a rare three-acre urban site on a tree-lined street that was also adjacent to the Metra train station and a Mariano’s grocery. It’s a terrific site.”
According to Baumann, there haven’t been many new construction rentals available for purchase, especially in Chicago’s neighborhoods. He reports strong investor demand for such properties and believes that COVID-19 has only enhanced the value of live-work-play assets since renters are now spending more time in their apartments.