A local apartment investor has greatly expanded its holdings in Chicago’s South Shore neighborhood, paying $22 million for two properties close to the Obama Presidential Center, the Chicago Tribune reported.
New City Property Management (NCPM) bought Shorewind Apartments, a 16-story building at 7000 S. South Shore Drive on the lakefront, along with a smaller building one block west at 6951 S. Oglesby Ave., from San Francisco-based Belveron Partners.
The two buildings together have 250 units, according to a spokesperson for Belveron. The price tag is significantly more than the $16.8 million that Belveron, one of the nation’s largest owners of affordable housing, paid for the 1920s-era buildings four years ago.
James Oppenheimer, NCPM’s founder and CEO, told the Tribune that as a local firm it’s committed to holding these properties for years, will provide needed investment and will do so without displacing tenants, many of whom get rental subsidies.
NCPM Expands South Shore Apartment Holdings
NCPM Expands South Shore Apartment Holdings
A local apartment investor has greatly expanded its holdings in Chicago’s South Shore neighborhood, paying $22 million for two properties close to the Obama Presidential Center, the Chicago Tribune reported.
New City Property Management (NCPM) bought Shorewind Apartments, a 16-story building at 7000 S. South Shore Drive on the lakefront, along with a smaller building one block west at 6951 S. Oglesby Ave., from San Francisco-based Belveron Partners.
The two buildings together have 250 units, according to a spokesperson for Belveron. The price tag is significantly more than the $16.8 million that Belveron, one of the nation’s largest owners of affordable housing, paid for the 1920s-era buildings four years ago.
James Oppenheimer, NCPM’s founder and CEO, told the Tribune that as a local firm it’s committed to holding these properties for years, will provide needed investment and will do so without displacing tenants, many of whom get rental subsidies.
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