Coldwell Banker Commercial Realty recently closed the sale of a highly-anticipated residential development in Chicago’s Lincoln Square neighborhood. The property, located at 5035 North Lincoln Avenue, was listed for $4 million and boasts 60 apartments with both market rate and affordable housing options.
Choudhry Muzaffar, MRICS, MSRE served as the commercial advisor and listing broker for this transaction. He successfully represented the receiver in selling the stalled development after four years of delays. The buyer, TRIETH Development plans to complete construction on current units while also adding additional residential units.
According to Muzaffar: “After a lengthy process, we were able to reach a mutually beneficial agreement between all parties involved thanks to close collaboration with community leaders and local officials.” This successful sale marks another milestone for Coldwell Banker Commercial Realty’s impressive portfolio of real estate transactions in Chicago’s thriving market.
