Newcastle Limited has acquired 426 West Belmont, a 13-story, 98-unit apartment building in Lakeview. The $10.55 million, all-cash purchase was made on behalf of the firm’s $500 million Chicago real estate investment platform. Bill Baumann of the Kiser Group represented the seller in the transaction.
The property is located in the densely populated and affluent Lakeview neighborhood, and offers a mix of studio and one-bedroom apartments.
“Our acquisition of this asset helped the former lender liquidate its position, and was another great addition to our growing portfolio” said Michael R. Haney, president and CEO of Newcastle Limited, in a release. “Our all-cash offer provided certainty of execution and a quick close, important considerations for lenders forced to foreclose on properties. The property has a great location and offers an opportunity to upgrade the look and amenities of the building to appeal to today’s renter.”