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CHICAGO – Newcastle Limited* announced that it has acquired a 7-building apartment portfolio consisting of 151 units in the Uptown neighborhood for $11,500,000. Newcastle purchased the property on behalf of the firm’s $500 million Chicago investment fund. The Kiser Group represented the seller in the transaction.Known as Ravenswood Gardens, the seven apartment buildings are located in the 4500 and 4600 blocks of North Dover and North Beacon Streets, just north and south of Wilson Avenue in the Sheridan Park submarket of Chicago’s Uptown neighborhood. In addition to 151 apartments consisting of studios and one-bedroom units, there are a total of 83 parking spaces. The properties were renovated in 1995 with new kitchens, baths, windows and doors and are located close the CTA Red Line and Uptown’s thriving entertainment district.A Chicago-based real estate advisor and investor, Newcastle Limited invests in commercial and multi-family properties located in the City of Chicago and downtown areas of Chicago suburbs. Acquisitions range from stabilized properties to development opportunities. The firm’s $500 million fund enables Newcastle to deploy large amounts of capital and close transactions quickly.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and private investors. Newcastle helps clients achieve real estate objectives within the context of their overall mission – and achieve them more quickly, at a lower cost, and with less risk. More information is available at www.newcastleinvestors.com.