Seeking to make a splash in Chicago’s high-end rental market, Spirit Bascom Ventures, LLC, a partnership between Irvine, California-based The Bascom Group, LLC, and Stamford, Connecticut-based Spirit Investment Partners, LLC, has acquired a prime piece of real estate in the fast-growing Edgewater/Andersonville neighborhood.
The eight-story prewar building contains 223 rental units with unobstructed views of Lake Michigan and approximately 9,000 square feet of ground floor retail space. The property is located at 5200 N. Sheridan Road, two blocks from the Berwyn Street stop on the Red Line and a short walk to the N. Clark Street retail corridor and Foster Beach.
5200 N Sheridan
The purchase price was $21.6 million.
Seeking to take advantage of a quickly gentrifying neighborhood that currently has a limited supply of large luxury properties, the venture will turn the building into what they term a “fully amenitized” Class A luxury rental building. The major mechanical systems, windows and elevators will be repaired or replaced, and a new tenant lounge, fitness center and rooftop deck will be added. The renovated apartments will feature open floor plans with new kitchens and bathrooms with stone counters tops, stainless steel appliances, refinished hardwood floors, and contemporary fixtures and finishes throughout.
This projects continues in a line of projects designed to attract an affluent demographic, including Mariano’s, and the 198-unit luxury high rise development at 5440-50 N. Sheridan Road, recently announced by Greystar Investment Group.
Spirit Bascom Ventures has focused recently on acquiring multifamily properties along the eastern seaboard and Midwest, adding more than $250 million in assets over the past three years. The venture has also focused on neglected urban mixed-use assets that can benefit from high-end renovations.
This purchase fits in with their strategy to add to their holdings in Chicago.
Ian Hafner, a principal of Spirit Investment Partners, said in a statement: “We are excited to restore the building to prominence as a luxury rental building and participate in the exciting transformation occurring in the Edgewater/Andersonville neighborhood.”
