CHICAGO, IL--(Marketwire - Jun 30, 2011) - Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment building in Chicago's Lakeview neighborhood in an all-cash deal for $33.3 million. Newcastle purchased the property on behalf of its $500 million Chicago real estate investment platform. Dan Cohen and John Jaeger of CBRE represented the seller in the transaction.
533 West Barry is located one block east of Broadway in the Lakeview neighborhood. The highly sought after asset features a mix of one, two and three bedroom units, and an attached parking garage that provides a one-to-one parking ratio. Its proximity to public transportation, lakefront, nightlife and shopping makes it very attractive to area renters.
"Opportunities like 533 W. Barry surface only rarely and we were pleased to have been able to acquire the property," said Michael R. Haney, President and CEO of Newcastle Limited. "The property's location, parking and unit mix were all factors in our decision to purchase the property. Our planned improvements will further enhance its appeal to area renters."
Newcastle plans to upgrade units, common areas, and curb appeal over the next 36 months.
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the firm's website at www.newcastlelimited.com.
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