Connect Chicago, Commercial Real Estate News
A joint venture partnership between Stocking Urban LLC and Next Realty has completed the acquisition of 838 – 846 W. Altgeld, a 12-unit multifamily property in the North Side’s Lincoln Park neighborhood. The seller was a longtime private owner. The purchase price was undisclosed.The two-building property was completed in 1915 to house workers from the nearby Finkl Steel plant in Chicago. The buildings were purchased and renovated in 1970 by the current seller.
Stocking Urban and Next Realty plan to modernize the units to create more functional living spaces, while maintaining their existing charm and marketability. The modernization program will be undertaken in phases, as units are vacated.
“838-846 W. Altgeld presents a very rare opportunity to acquire and reposition a unique property with great bones in an A+ location,” says Stocking Urban’s Nick Stocking.
The Altgeld property is the first joint acquisition between the two companies.