Newcastle Limited has purchased Kenect Chicago, a two-building apartment community located at 504 and 505 N. Green Street in Chicago’s River West neighborhood. CBRE represented the seller, a joint venture led by the property’s developer, Akara Partners.
John Jaeger and Dan Cohen, both executive vice presidents in CBRE’s Chicago office, facilitated the transaction. According to a report by Crain’s, the sale price was $85.5 million, approximately $377,000 per unit.
“The property is a great addition to our growing retail and multifamily portfolio,” said Brennan Hitpas, managing director of Newcastle Limited. “The location, quality of the apartments and amenities appeal to urban apartment residents. Demand from residents working in the nearby and fast-growing Fulton Market will be particularly high.”
Consisting of one four-story and one 14-story building, the property includes 13,000 square feet of retail space, a 92-car parking garage and 227 modern studio, 1-, 2- and 3-bedroom apartments. Building amenities include a rooftop deck with a pool and outdoor kitchen, fitness center with yoga room, a mix of social and coworking areas and an on-site Divvy Station. Current retailers include Starbucks, Stax Café, Bank of America and Athletico.
Located at the northwest corner of Grand Avenue, Milwaukee Avenue and Halsted Street, the property is centered between two of the city’s hottest live-work-play neighborhoods, River North and Fulton Market. The buildings are adjacent to the CTA Grand Blue Line Station and several major CTA bus lines.
