ShainRealty Capital, a privately-owned real estate investment firm based in Los Angeles, recently completed the sale of Madison Terrace, a 96-unit apartment building located in Chicago. The transaction marks the company’s exit from the Chicago multifamily market.
Interra Realty brokers Lucas Fryman and Ted Stratman facilitated the sale of this property. According to Jonathan Shainberg, co-founder of ShainRealty Capital, they purchased Madison Terrace for $8.2 million in 2020 during a period of low interest rates and were able to secure a fixed-rate Fannie Mae loan at 2.83% for seven years. The buyer was David Pezzola from Icarus Investments.
This deal stands out as one of few large-scale transactions within East Garfield Park submarket where it is located. Built in 1986, Madison Terrace offers spacious two-, three-, and four-bedroom units that are highly desirable among renters.
With their successful divestment from Chicago properties last year with a portfolio worth $29 million , ShainRealty plans to shift their focus towards properties within Sunbelt regions closer to the West Coast.
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The article “ShainRealty Capital Divests Chicago Apartments for $11M” was originally published on Connect CRE.
