May 4, 2016, Multi-Housing News (MHN) by Ioana Neamt – CHICAGO, IL
Randolph Street Realty Capital LLC has purchased a four-story, 36-unit multifamily asset at 1819 W. Division Street in Chicago’s Wicker Park neighborhood for $14.3 million. The company was represented by KIG Principal & Managing Broker Susan Tjarksen and Managing Partner Todd Stofflet in the $14.3 million off-market transaction. Smithfield Properties LLC was the developer and seller of the property.
Located at 1819 W. Division St., on the corner of Division and Honore streets, the newly completed residential asset was vacant at the time of sale. Randolph Street has already begun lease-up of the property.
“We were impressed by the quality of the asset and attracted by its location, at the heart of the pedestrian-friendly Division Street corridor in Wicker Park,” Robert Tanaka, principal of Randolph Street Realty Capital, said. “We look forward to seeing how the residential and commercial leasing effort shapes up.”
“We are seeing increased institutional investment in Chicago neighborhoods as core opportunities continue to trade at a premium,” added KIG Managing Partner Todd Stofflet. “Randolph Street was presented with the unique opportunity to buy the asset vacant and execute their own lease-up strategy.”