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Newcastle Limited Acquires Three Apartment Buildings in Chicago’s Buena Park District

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May 15, 2007
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CHICAGO – Newcastle Limited announced that it has acquired a trio of vintage buildings comprising 220 apartments in the Buena Park section of Chicago’s Uptown neighborhood. Newcastle purchased the three properties for $18.3 million on behalf of a $500 million Chicago investment platform the company started in 2006.The properties, totaling 97,115 square feet, consist of a nine-story, 115-unit mid-rise at 4157 N. Clarendon Ave.; a four-story, 44-unit building at 823 W. Buena Ave.; and a four-story, 61-unit courtyard complex at 855 W. Buena Ave. All built in the 1920s, the acquisitions are within a block of each other in the heart of Buena Park, a district listed on the National Register of Historic Places.Newcastle closed the transaction within 30 days of executing the contract. The Kiser Group represented the seller in the transaction.“The history of the Buena Park district and the continued revitalization of the Uptown community attracted us to this series of acquisitions,” said Michael R. Haney, president and CEO of Newcastle Limited. “We look forward to increasing Newcastle’s presence in the neighborhood and throughout the city.”The Buena Park properties include studio, one-bedroom, two-bedroom and convertible apartments. The buildings are located near Lake Michigan, restaurants, retail, several bus routes and the Sheridan elevated train station on the Chicago Transit Authority’s Red Line.Newcastle invests in commercial and multi-family properties, from stabilized assets to development opportunities, in Chicago neighborhoods and suburban downtowns. With its $500 million platform, Newcastle can deploy large amounts of capital and close transactions quickly. Since the beginning of 2007, the firm has acquired more than 600 apartment units.

About Newcastle Limited

Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and private investors. Newcastle helps clients achieve real estate objectives within the context of their overall mission — and achieve them more quickly, at a lower cost, with less risk. More information is available at www.newcastlelimited.com.