Triton facilitates four multifamily transactions in Chicago’s western suburbs

Triton facilitates four multifamily transactions in Chicago’s western suburbs

Edward Liss, senior vice president of Triton Realty Group, recently sold four apartment buildings within the Aurora, Elgin and Carpentersville, Illinois markets.

The first asset, a 30-unit apartment building in Aurora closed for $1,230,000, a $41,000 per-unit purchase price. The property was originally constructed in 1959 as an office building, but was converted to apartments in the 1970s—half the units being one-bedroom and half studios. The property rents allow a new investor the opportunity to add value to the existing cash flow with further unit renovations and on current numbers the asset operates at an 8.84 percent capitalization rate

The second property, also in Aurora, was an eight-unit apartment building, consisting of all two-bedroom units with private basements and washer-dryer hookups. The sale price of $560,000 represents $70,000 per unit which is among the highest prices per unit in recent sales in the Aurora marketplace. The property operated at a 6.5 percent cap rate with long-term ownership and long-term renters with below-market rents. The property sold off market as the buyer and seller had previous negotiations on the building in the past. Liss represented both sides in the transaction.

The third property, which was also an off-market transaction, involved a 50 percent occupied property in Elgin. The property consists of 21 units and sold for $850,000, representing $40,476 per unit. The vintage building, constructed in 1920, contains 16 one-bedroom units and five studios. The property needed renovation to assist in the leasing of vacant units; however, given the demand in the Elgin marketplace the buyer was able to obtain traditional financing to close on the property.

Finally, Triton closed a 36-unit apartment building in Carpentersville, representing the buyer in the transaction. The building consisted of 36 one-bedroom apartments, with garages, and sold for $2,600,000. The sale represents a 7.75 percent cap rate and a price of $72,222 per unit. The asset was an attractive purchase given its river views and walking distance to downtown East Dundee.

According to Liss, the sales represent the strong demand for rentals in the western suburban market. Buyers are seeing the potential of adding value to rents and the demand for rentals in these areas continues to be present. Lenders are also willing to work with experienced buyers to provide favorable loan terms even when current net operating income is not covering a tradition debt coverage ratio.

Triton facilitates multifamily transactions in Andersonville, Belmont Cragin

Triton facilitates multifamily transactions in Andersonville, Belmont Cragin

Triton facilitates multifamily transactions in Andersonville, Belmont Cragin

Triton Realty Group recently sold two apartment buildings in Chicago, one in the Andersonville neighborhood and the other in Belmont Cragin. The combined sale price on the two transactions was over $2.6 million.

In the Belmont Cragin neighborhood, Triton sold a 10-unit apartment building for $871,500, representing $87,150 per unit. Matthew A. Fritzshall, president and managing broker of Triton represented the seller and Harrison A. Cohen, vice president at Triton represented the buyer.

The property, built in 1927, operates at a 9.39 percent capitalization rate and has a unit mix comprised of eight two-bedroom/one-bathroom units and two one-bedroom/one-bathroom garden units. The building features numerous recent capital improvements including replaced porches, furnaces, water heater, tuck pointing and lintels. A laundry facility and two garages are also on site.

Fritzshall and Cohen also facilitated the sale of a turnkey, rehabbed multifamily property in the Andersonville neighborhood. The building was converted to six two-bedroom/one-bathroom units with spacious layouts. The deal closed for $1,815,000 and sold at 11.50 gross rent multiplier. The building operates at a 6.40 percent capitalization rate and sold for $302,500 per unit—one of the highest price-per-unit sales within the last two years.

According to Fritzshall and Cohen this sale represents what is happening in Andersonville and the surrounding neighborhoods. Investors are attracted to the area for its proximity to transportation, the lakefront and the appeal for renters.

Triton sells 25-unit courtyard apartment building in Albany Park

Triton sells 25-unit courtyard apartment building in Albany Park

Triton sells 25-unit courtyard apartment building in Albany Park

Triton Realty Group recently sold a 25-unit apartment building located at 4911-19 N. Whipple Street in Chicago. The asset sold for $3,250,000, which represents a $130,000-price-per-unit sale.

Built in 1927, the courtyard-style apartment building features one-, two- and three-bedroom layouts. The property sits along the edge of the Chicago River and is located in the Albany Park neighborhood. Matthew A. Fritzshall, president and managing broker of Triton, acted as the sole broker in this transaction.

“An opportunity like this is hard to find,” said Fritzshall. “This transaction allows the buyer an opportunity to expand in their target submarket and add value through future renovation. Furthermore, the owner was able to divest a long-term investment.”

Triton adds Horace Grant, Jr. to its team

Triton adds Horace Grant, Jr. to its team

Triton adds Horace Grant, Jr. to its team

Triton Realty Group recently hired Horace Grant, Jr. as the firm’s newest addition. Grant grew up in Chicago’s North Shore suburbs and has resided in Chicago for more than 10 years. Prior to joining Triton, he worked in sales at the Chicago Bulls and sold residential properties at a nationwide residential brokerage firm.

“Triton’s reputation in commercial real estate, specifically multifamily and mixed-use, attracted me to the company,” said Grant. “I’m looking forward to focusing my talents in the Lakeview, Lincoln Park and Old Town neighborhoods.”

Triton Realty Group is a privately held boutique commercial real estate brokerage firm located on the north side of Chicago. The firm has over a decade of real estate experience in Chicago and greater Chicagoland suburban markets. In 2018, the Triton team increased sales volume and closed approximately $45 million in real estate transactions.

“We are excited to welcome Horace into the Triton family,” said Matthew Fritzshall, principal and managing broker at Triton. “With his sales background, ambitious drive and demeanor, I believe he is destined for success in this industry for a long time to come.”

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Triton sells vintage Lakeview apartment building

Triton sells vintage Lakeview apartment building

Triton sells vintage Lakeview apartment building

Triton Realty Group recently sold a six-unit apartment building located at 1228 W. Diversey Parkway in Chicago, according to Matthew A. Fritzshall, president and managing broker of the firm. The asset sold for $2,400,000 which represents a $400,000 price per unit sale at a 6.25 percent capitalization rate, one of the highest per unit sales comparables in the last two years.

The seller exclusively engaged Triton to sell the property following a complete gut renovation. No stone was left unturned in terms of the rehab undertaken on this beautiful turnkey asset in the Lakeview neighborhood of Chicago.

“The Diversey deal shows that activity levels remain high for investors searching for stabilized multifamily assets with dependable cash flow,” said Fritzshall. “We had a significant amount of interest in this opportunity, including numerous showings that generated multiple offers for our client.”

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