Multifamily Midwest

Newcastle Limited pays $5.9M for Lincoln Park apartment building

Newcastle Limited has acquired 2727 North Pine Grove, a 48-unit apartment building with parking in the Lincoln Park neighborhood, for $5.9 million.

Newcastle Limited has acquired 2727 North Pine Grove, a 48-unit apartment building with parking in the Lincoln Park neighborhood, for $5.9 million.

Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform.  The all-cash deal closed in 60 days.  Jack Cassin and Bill Cassin of Apartment Investment Advisers represented Newcastle in the transaction.

The property is located on a quiet residential street in Lincoln Park and offers a mix of studio and one-bedroom units.  Its proximity to public transportation, Lincoln Park and the lakefront, and to an abundance of retail, restaurants and nightlife makes it very attractive to area renters.

“The property’s sought-after location made it an excellent investment opportunity and a great addition to our growing portfolio” said Michael R. Haney, president and CEO of Newcastle Limited, in a released statement. “Our ability to close this acquisition quickly on an all-cash basis was a compelling factor for the seller.”

Newcastle’s plans for the property include upgrading the units and common areas, and improving the curb appeal over the next 24 months.