The vintage building, located just east of Ashland Avenue at the southwest corner of Chicago Avenue and Armour Street, currently has eight apartments above the former Natalino’s restaurant, which has been empty since it closed five years ago. As part of a comprehensive renovation and repositioning effort, new ownership plans to create 15 apartments and a new restaurant space.
North Park Ventures and CDT Realty have successfully completed several projects in the area. “Next Realty is excited to continue its tradition of investing with operating partners in value creation strategies,” said Andy Hochberg, Next Realty CEO.
To facilitate this restoration, Next Realty is currently deploying Next Realty Fund IX, LP, a fully discretionary real estate private equity fund. Although historically the firm has focused on retail and parking investments, given the changing landscape in both of those sectors, the new fund is additionally targeting “E-commerce Proof” concepts including healthcare, restaurants and service-oriented tenants which provide diversification and stability to neighborhood centers.
“We recently had the opportunity to reposition several properties in our portfolio and convert former retail space into medical offices for Northwestern Memorial Hospital, NorthShore University HealthSystem and Advocate Health Care,” according to Marc Blum, Next Realty President and COO. “This has enabled us to broaden our experience and diversify our tenant mix.”
Furthermore, as a result of changing market conditions, Next Realty is also targeting mixed-use investment opportunities such as 1523 W. Chicago Avenue. Moving forward, Next Realty plans to continue this trend.
About Next Realty
Next Realty is a real estate private equity fund manager, investor and operating company focused on a diversified portfolio strategy throughout the Midwest and Mid-Atlantic. Since its inception in 1998, Next Realty’s investment strategy has centered on repositioning and improving operations of underperforming properties. Next Realty has invested in multiple asset types including retail, office, parking, multi-family,
mixed-use and industrial properties, representing approximately $500 million in gross asset value, and totaling over 2,000,000 square feet of space and 3,500 parking spaces nationwide. Our team employs a disciplined investment approach and active asset management to structure transactions and maximize financial performance of our portfolio. For more information, please visit www.nextrealty.com.