CHICAGO – Newcastle Limited has acquired two apartment buildings at 1345 W. Lunt Ave. and 1340 W. Morse Ave. in Chicago’s Rogers Park neighborhood. The $5.8 million acquisition is part of the company’s $500 million Chicago investment platform.“Morse Avenue is emerging as a lively corridor for arts, entertainment and dining,” said Michael R. Haney, president and CEO of Newcastle Limited. “This acquisition represents an opportunity to both participate in - and benefit from - the area’s resurgence.”The four-story buildings, completed in 1967, comprise 110 studio, one- and two-bedroom apartments, and feature 65 parking spaces. Three blocks from Lake Michigan, the properties are convenient to the Morse station on the Chicago Transit Authority’s Red Line and Loyola University Chicago’s Lake Shore campus. Restaurants, cafes, music venues, galleries and theaters are close by.Newcastle plans an extensive renovation of the buildings. Upon completion, Newcastle intends to own and operate these rental residences on a long-term basis.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 closes transactions quickly. Since the beginning of 2007, the firm has acquired more than 800 apartment units.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate owner and advisor serving institutions, corporations and investors. The firm’s advisory services help clients use real estate strategically to achieve their objectives more quickly, at a lower cost, and with less risk. With $500 million in investment capital, Newcastle also purchases urban commercial and multi-family properties throughout the Chicago area. More information is available at www.newcastlelimited.com.