CHICAGO – Newcastle Limited has acquired 325 W. Fullerton, a 7-story, 48-unit apartment building in Lincoln Park, for $18.7 million. The all-cash deal closed in 60 days. Joe Smazal of Interra Realty represented Newcastle in the transaction. The seller was represented by Bryan Cagan of Cagan Management Group.
Built in 1917 by the seller’s grandfather, the property has never been sold. It features a mix of large, one- and two-bedroom apartments with views of the Park and Lake Michigan. Proximity to the lakefront and public transportation makes it very attractive to area renters.
“It is rare to acquire a property on the Park, and even more unusual to buy one that hasn’t sold in 100 years,” said Mike Haney of Newcastle Limited. “Newcastle was chosen as the buyer based on our ability to close, and the standard to which we maintain our assets.” Newcastle plans to upgrade the apartments and common areas over the next 24 months.
Newcastle Limited is a real estate investment firm that acquires, develops and owns urban retail and multifamily properties in Chicago. An entrepreneurial investor with institutional backing, the firm can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney, CEO, at (312) 252-1401 or visit the company’s website at https://www.newcastlelimited.com/.