ShainRealty Capital Divests Chicago Apartments for $11M
ShainRealty Capital, a Los Angeles privately-owned real estate investment firm, has sold a 96-unit Chicago apartment building, known as Madison Terrace, for $11 million. The transaction marked the firm’s last holding in the Chicago multifamily market.
Interra Realty’s Lucas Fryman & Ted Stratman brokered the transaction. ShainRealty, led by brothers Jonathan and Elliot Shainberg, bought the building for $8.2 million in 2020. Last year, ShainRealty cashed out on a 200-unit Chicago portfolio for $29 million.
“We acquired the deal in a low-interest rate environment, allowing us to lock in a 2.83% fixed rate Fannie Mae loan for seven years,” said Jonathan Shainberg. The buyer was David Pezzola of Icarus Investments.
The acquisition is a unique sale within the East Garfield Park submarket, where very few transactions of large-scale trade. The property, built in 1986, consists of large two-, three-, and four-bedroom units. Having cashed out of Chicago, ShainRealty plans to focus on properties within the Sunbelt and closer to the West Coast.
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