CHICAGO – Newcastle Limited has acquired two investment properties, 525 West Stratford and 1200 West Granville, in an all cash deal for $9.1 million. Newcastle purchased the properties on behalf of its $500 million Chicago real estate investment platform. Jack Cassin and Bill Cassin of Apartment Investment Advisers represented the seller in the transaction.
525 West Stratford is a 59-unit apartment building, featuring a mix of studio, one- and two-bedroom units, and parking. The property is located in Chicago’s Lakeview neighborhood, one block west of North Sheridan Road, with proximity to public transportation and the lakefront.
1200 West Granville is a mixed-use property consisting of 6,750-square-feet of retail space and 32 studio apartments. The property is located in Chicago’s Edgewater neighborhood at the corner of Broadway and Granville, a few blocks from Loyola University, the CTA’s Granville train station and the lakefront.
“With the demand for rental units growing stronger, we are pleased to continue to find quality apartment properties to add to our investment portfolio,” said Michael R. Haney, President and CEO of Newcastle Limited. “Both properties have good locations, established area amenities and features that appeal to area renters.”
Newcastle plans to upgrade units, common areas, and curb appeal at both properties.
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the firm’s website at www.newcastlelimited.com.