Chicago, IL - Old Town Condos

Description:

SRS Real Estate Partners-Midwest, LLC is pleased to offer the opportunity to acquire the fee simple interest (condominium interests) in a collection of 98 master-leased, luxury residential condominium units within four complexes located in the Near Northside (Old Town) neighborhood of Chicago, IL. The portfolio is master leased to the Chicago Housing Authority (“CHA”) across two tranches, with terms extending through 2042 & 2043 (Tranche 1, 82 units) and 2038 (Tranche 2, 16 units) — representing approximately 16.52 years of blended term remaining amongst the portfolio. Allowing the investor to purchase the portfolio at significantly below market value and unlocking the future value at the lease expirations.

The portfolio spans five well-located developments — Old Town Square, Old Town Village Phase 1 & 2, Old Town Village West, and Mohawk North — situated less than two miles from the Loop and under a mile from Lincoln Park, within one of Chicago’s most established and consistently sought-after residential neighborhoods. Near North Side / Old Town has long commanded some of the strongest home values in the city, defined by tree-lined streets, low-rise and mid-rise condominium stock, and durable owner-occupant demand. The properties also benefit from direct access to the CTA Brown and Purple Lines, connecting residents throughout the city as well as to Northwestern University and Loyola University Chicago, two of the primary demand drivers sustaining residential values on Chicago’s Northside.

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Listing ID: a28TP000003EWxZYAW