Multifamily N Illinois

Triton sells vintage Lakeview apartment building

Triton sells vintage Lakeview apartment building,ph1

Triton Realty Group recently sold a six-unit apartment building located at 1228 W. Diversey Parkway in Chicago, according to Matthew A. Fritzshall, president and managing broker of the firm. The asset sold for $2,400,000 which represents a $400,000 price per unit sale at a 6.25 percent capitalization rate, one of the highest per unit sales comparables in the last two years.

The seller exclusively engaged Triton to sell the property following a complete gut renovation. No stone was left unturned in terms of the rehab undertaken on this beautiful turnkey asset in the Lakeview neighborhood of Chicago.

“The Diversey deal shows that activity levels remain high for investors searching for stabilized multifamily assets with dependable cash flow,” said Fritzshall. “We had a significant amount of interest in this opportunity, including numerous showings that generated multiple offers for our client.”