A joint venture partnership between Stocking Urban, LLC and Next Realty, LLC completed the acquisition of 838–846 W. Altgeld Street, a 12-unit multifamily property located in the Lincoln Park neighborhood of Chicago. The seller was a longtime private owner. The purchase price was undisclosed.
The two-building property was built from 1905 to 1915 to house workers from the nearby Finkl Steel plant in Chicago. The buildings were purchased and renovated in 1970 by the current seller. The units feature exposed brick and timber, working fireplaces and wood flooring.
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. The work will commence in the Spring of 2019.
“838–846 W. Altgeld presents a very rare opportunity to acquire and reposition a unique property with great bones in an A+ location,” said Nick Stocking, founder, Stocking Urban.
The Altgeld property is the first joint acquisition between the two companies. Separately, the companies each have long track records of successful urban acquisition, development and redevelopment projects in Chicago and around the country.
“This is a second multifamily investment through our Next Equity Program,” said Marc Blum, president and COO, Next Realty, LLC. “We are excited about the opportunity the program creates to partner with Nick Stocking and reposition the property for the next phase of its success.”
The property sits just west of Halsted Street and just north of Fullerton Avenue in the affluent Lincoln Park neighborhood. Top rated shopping, dining and entertainment amenities all are within walking distance. Public transportation and DePaul University are also a short walk from the property.