Streeterville Apartment Building Expected To Sell For $35M
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1220 North State Parkway and Lee Kiser of The Kiser Team (Google Maps, LinkedIn, iStock)
A superior-rise condominium building in Streeterville that properties a single of Chicago’s oldest taverns has hit the market – with no an inquiring price tag.
Located in the Chicago community with the greatest median household profits, the 172-unit Canterbury Court Apartments at 1220 North Condition Parkway is envisioned to offer for up to $35 million, the Chicago Business Journal noted.
“The marketplace will set up the pricing via their provides,” said Lee Kiser, whose Kiser Group is representing the operator. “We hope the asset will trade amongst $32 and $35 million.”
The seller has owned the 16-tale constructing, which is 96 per cent occupied, for the final 48 many years and is advertising to retire.
Built in 1928, the making was at first a lodge. It consists of 143 studios, 26 1-bedrooms and three two-bedrooms. Its floor floor residences the Zebra Lounge piano bar, which opened in 1929 and is Chicago’s fourth-oldest bar.
“The consumer has an prospect to invest in a piece of Chicago heritage,” said Kiser’s Andy Friedman. “Many of the unique functions from 1928 have been diligently preserved and taken care of, providing the alternative to carry on current functions or renovate and reposition the asset.”
In accordance to the most up-to-date census, the median house cash flow for Streeterville is $125,000, in contrast with a median $62,000 for the city of Chicago.
[CBJ] — Victoria Pruitt
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