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CHICAGO – Newcastle Limited* announced that it has acquired a seven-story, 68-unit apartment building at 6900 S. South Shore Drive, adjacent to Chicago’s historic South Shore Cultural Center and Golf Course. Newcastle purchased the property for $4.7 million on behalf of the firm’s $500 million Chicago investment platform. Marcus & Millichap represented the seller in the transaction.Located near Lake Michigan and the South Shore community’s scenic Jackson Park, the property offers convenient access to Chicago Transit Authority bus routes, Metra’s South Shore commuter rail line and the Chicago Skyway toll road. The building, constructed in the 1950s, features spacious studios, one-bedroom and two-bedroom, two-bath residences.“As we continue to seek acquisitions throughout the city, this property was a natural fit,” said Michael R. Haney, President and CEO of Newcastle Limited. “Its combination of prominent location, rich history and strong community presence make 6900 S. South Shore Drive an excellent addition to our portfolio.”Newcastle invests in commercial and multi-family properties, from stabilized assets to development opportunities, in Chicago neighborhoods and suburban downtowns. With its $500 million platform, Newcastle can deploy large amounts of capital and close transactions quickly. Since the beginning of 2007, the firm has acquired nearly 700 apartment units.
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.