CHICAGO, Nov. 24, 2015 /PRNewswire/ -- Spirit Bascom Ventures, LLC ("Spirit Bascom"), a partnership between Irvine, California based The Bascom Group, LLC ("Bascom") and Stamford, Connecticut based Spirit Investment Partners, LLC ("Spirit"), has acquired 5200 N. Sheridan Road for $21,600,000. The property is located in Chicago's fast growing Edgewater/Andersonville neighborhood. Todd Stofflet of KIG CRE represented the seller. Andy Feinberg, Marc Schulder, and David Harte from Ackman-Ziff arranged the debt financing that was provided by MidCap Financial.
The existing 8-story prewar building contains 223 rental units with unobstructed views of Lake Michigan and approximately 9,000 square foot ground floor retail space. The property is located two blocks from the Berwyn Street stop on the Red 'El' Line and a short walk to the vibrant N Clark Street retail corridor and family friendly Foster Beach. The quickly gentrifying neighborhood continues to attract transformative projects attracted to the improving demographics such as high end grocer Mariano's, and the 198-unit luxury high rise development at 5440-50 N. Sheridan Road recently announced by Greystar Investment Group.
The venture sees an opportunity to transform the property into a fully amenitized, Class A luxury rental building that will appeal to the large numbers of new affluent renters moving into the area. A limited supply of large luxury properties exists in the submarket.
The major repositioning will include the repair or replacement of major mechanical systems, windows and elevators, and borrow style and space planning elements from the boutique hotel space to curate an exciting new tenant lounge, fitness center, and rooftop deck. The renovated apartments will feature modern, open floor plans with new all new kitchens and bathrooms with stone counters tops, stainless steel appliances, refinished hardwood floors, and contemporary urban fixtures and finishes throughout.
Spirit Bascom Ventures has been focusing on acquiring value add multifamily properties along the eastern seaboard and Midwest, acquiring over $250 million in assets over the past three years. The venture has also focused on neglected urban mixed use assets that can benefit from similar high end renovations and is seeking to add to their holdings in Chicago.
Ian Hafner, a principal of Spirit Investment Partners, explains, "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." Scott Zwilling, principal of Spirit Investment Partners, adds, "We have an experienced, well capitalized team in place to replicate this business model and add to our growing portfolio of assets."
About Spirit Bascom: Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC (www.spiritinvestors.com) and The Bascom Group, LLC (www.bascomgroup.com), was formed to acquire distressed and value added multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a Stamford, Connecticut based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with over $300 million in holdings throughout the Northeast, Midwest, and Southeast. Bascom has completed over $10.0 billion in multi-family and commercial value-added transactions since 1996 including more than 260 multifamily properties containing over 68,000 units. Bascom frequently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the North America.
If you would like further information, please call David Nachman at 212.331.8353 or Email.
Contact: David Nachman
SOURCE The Bascom Group, LLC