CHICAGO, ILLINOIS – Thursday, October 19, 2017
ACO Commercial is pleased to announce the sale of 8146-48 S. Saginaw Avenue – a vintage, six-unit multifamily property located in the South Chicago neighborhood on Chicago’s south side. The property was comprised of (3) 1bed/1bath and (3) 2bed/1bath units. At the time of sale, the property required significant repairs and was 67% occupied.
Edward Bluemel, Vice President, completed the transaction on behalf of a Canadian investment firm. The marketing campaign generated 11 tours and 4 offers.
The deal was awarded to a fast-growing Chicago investment group with a strong track record on the south side. Buyer plans to convert 1-bed units to 2-beds to add value. The purchaser closed on an all-cash basis within 34 days of contract acceptance. The distressed sale represented a price of over $34,000/unit.
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.