Beal Properties has acquired a high-rise apartment building in downtown Chicago for $27 million. The property, located at 1344 N. Dearborn St., was reported to be 95% occupied at the time of sale and was sold by Ravinia Capital Group, according to the Chicago Business Journal.
Ralph DePasquale from Berkadia Chicago represented Ravinia in the transaction. With a per-unit price of $287,234 or approximately $388 per square foot for its 94 units, this sale reflects a significant investment opportunity.
DePasquale stated that this property is an exceptional opportunity situated in the heart of Gold Coast with its tree-lined Dearborn Street location. He also noted that substantial capital upgrades have been made as part of its deconversion process making it an attractive asset for future buyers.
This news was originally reported on Connect CRE and highlights Beal Properties’ continued growth and investment strategy within downtown Chicago’s real estate market.
