CHICAGO – Newcastle Limited* has completed the $56 million acquisition of the historic Belmont House, 3170 North Sheridan Road, in Chicago’s Lakeview neighborhood. The property — part of an 896-unit, seven-building portfolio — was purchased from an affiliate of Wexenthaller Realty Management on behalf of Newcastle’s $500 million Chicago investment platform. Newcastle expects to close on the remaining six properties in the Wexenthaller portfolio over the next 30 days. Newcastle was represented by Kiser Group.The 13-story, 315,000-square-foot Belmont House combines 269 rental apartments, 97 percent leased, and 9,000 square feet of retail, 100 percent leased. Built as a luxury hotel in 1924, Belmont House now offers 24 apartment floor plans, including studios, one- two- and three-bedrooms, and penthouse residences. Overlooking Lake Michigan, the property provides convenient access to Lake Shore Drive, public transportation, parks and recreation, and upscale neighborhood boutiques and restaurants.
“This elegant building combines classic architecture with modern amenities in a prominent, popular neighborhood,” said Michael R. Haney, President and CEO of Newcastle Limited. “We regard Belmont House as an excellent addition to our Chicago portfolio.”Since the beginning of 2007, Newcastle has acquired more than 900 apartments throughout Chicago. At Belmont House, the firm plans to renovate common areas and residences, revitalizing the grand lobby and capitalizing on existing features such as nine-foot ceilings, a rooftop sundeck and fitness center.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate owner and advisor serving institutions, corporations and investors. The firm’s advisory services help clients use real estate strategically to achieve their objectives more quickly, at a lower cost, and with less risk. With $500 million in investment capital, Newcastle also purchases urban commercial and multi-family properties throughout the Chicago area. More information is available at www.newcastleinvestors.com.