Chicago Apartment Building Sells for $4.4M in Lakeview

Dwelle, a joint venture between Drew Breneman’s firm Breneman Capital (formerly Rise Invest) and Sam Meyer, closed on the sale of 3433-3443 N. Lakewood Avenue in Chicago on November 20th. The Lakeview asset traded for $4,400,000 or $275,000 per unit.

Dwelle and the seller were both represented by Kyle Stengle, an investment sales broker at Marcus & Millichap. Steve Kundert and Jim Vozza at CBRE financed the transaction with Dwelle using a Freddie Mac SBL.

The property is fully leased and consists of 16 two-bed/one-bath apartment units, shared deck spaces and individual storage spaces in the basement. Each unit features high-end finishes and appliances, wood floors throughout and in-unit washer and dryer. The location offers residents a one-block walk to the Southport Corridor and Brown Line.

Dwelle was sent the deal off-market from an owner and broker whom Breneman/Meyer had purchased properties from in the past. The seller wanted to do a 1031 exchange out of this property and knew Dwelle could perform even in the middle of the COVID environment. Dwelle successfully closed on this purchase at contract price with no financing contingency, with the timing and flexibility the seller wanted for their 1031.