Greenstone Partners Brokers Multifamily Property in Brookfield, Wisconsin

Greenstone Partners Brokers Multifamily Property in Brookfield, Wisconsin

Today, Greenstone Partners announces the sale of 3755 N. Brookfield Road, a stabilized 56-unit multifamily property located in Brookfield, Wisconsin. Greenstone Partners’ Senior Director Jordan Multack represented the buyer, Breneman Capital, and seller, Mandel Group, Inc.
 
“Brookfield, a suburb of Milwaukee, is an appealing multifamily investment market with great schools, an active downtown and access to all major retailers. We were able to procure an exceptionally strong offer, from an accredited, repeat buyer of ours, who has strong roots in the Wisconsin suburban markets,” said Multack. “This deal exemplifies a win-win—a well-positioned acquisition for Breneman Capital and a successful development and exit for the sellers.”
 
“It was a pleasure working with Jordan Multack and the Greenstone Partners team again,” said Drew Breneman, Founder & CEO of Breneman Capital. “We’d like to thank Mandel Group as well as everyone involved for a successful transaction. We’re excited to build our presence in the Milwaukee market.”
 
The property was developed by Mandel Group, Inc. and completed in 2015. “PrairieWalk has enjoyed high occupancy throughout its ownership period,” commented Jason Babcock, Senior VP of Mandel Group. Babcock further indicated that the timing of the sale was opportunistic and yielded a highly favorable outcome for the investors.
 
PrairieWalk is a two-building multifamily property that features one-bedroom, one-bathroom units and two-bedroom, two-bathroom units. In-home amenities include nine-foot ceilings, in-unit washer and dryer, open concept floor plans, and luxury kitchens. Building wide amenities include community rooms, outdoor grills, pet stations and walkability to daily needs.
 
“In addition to the finishes and amenities, the property has an exceptional location in the heart of Sendik’s Towne Centre, that offers the perfect blend of convenience, culture, and high-end amenities,” said Multack. “Within the Towne Centre customers can find Sendik’s-a local high end grocery store, local retailers, cafés and fitness studios.”
Greenstone Partners Brokers Canterbury Court Apartments for $25.7 Million

Greenstone Partners Brokers Canterbury Court Apartments for $25.7 Million

 
The 176-unit apartment building is located in the Gold Coast neighborhood of Chicago.
 
 
Greenstone Partners announces Canterbury Court Apartments, located at 1220 N. State Pkwy. in the Gold Coast neighborhood of Chicago, Illinois, has sold for $25.7 million. The 176-unit multifamily property also features the famed Zebra Lounge on the ground floor. Greenstone Partners’ Senior Director Jordan Multack and Managing Partner Danny Spitz represented the seller, with additional representation from Marcus & Millichap’s Nicholas Kanich. Multack procured the buyer, Becovic Holdings Corporation.  
 
“It was an honor and privilege to represent the seller and his family in the timeless, pride-of-ownership sale of this Gold Coast Landmark. We ran a successful marketing campaign that yielded over 40 tours and eight offers,” said Multack. “The seller ultimately elected to move forward with Isa Becovic of Becovic Holdings, who put together a strong offer with minimal contingencies and delivered a smooth transaction. There are few opportunities like this one to acquire a vintage, family-owned, value-add multifamily property in a desirable market like the Gold Coast.”
 
 "We recognize the tremendous value and potential of this Gold Coast landmark. Our revitalization plan will enhance the living experience for all residents while respecting the building's history and ensuring its continued affordability," said Isa Becovic, President Becovic Holdings Corporation.  
 
Canterbury Court Apartments includes 142 studio units, 26 one-bedroom, one-bath units, 2 two-bedroom, two-bath apartments, and six additional units previously used by the former owner.
 
“This transaction underscores Greenstone Partners’ continued growth in the multifamily sector and the strength of our deep network of buyers,” said Spitz. “Our team’s ability to deliver exceptional results reflects our commitment to providing clients with unparalleled expertise and market insight. We’re thrilled to have facilitated the sale of this iconic Gold Coast property and look forward to driving more success for our clients in all sectors of commercial real estate.”
 
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
 
Greenstone Partners Expands Multifamily Division with the Addition of Jacob Goldstein

Greenstone Partners Expands Multifamily Division with the Addition of Jacob Goldstein

 
Goldstein joins the brokerage firm as Director with a focus on northside Chicago multifamily and mixed-use transactions
 
Greenstone Partners, a commercial real estate brokerage firm, has expanded its brokerage team with Jacob Goldstein, 30, as Director. Since becoming a licensed broker in 2016, Goldstein has been involved in $100+ million of multifamily and mixed-use transactions throughout the Chicagoland area, with property sizes ranging from six to 100 units. He is known for his market presence along Chicago’s Northside, with a specialized focus on the vibrant neighborhoods along Chicago’s lakefront. Prior to joining Greenstone Partners, Goldstein spent eight years at Essex Realty Group, where he advanced to the role of Director. He is also a graduate of the University of Illinois Urbana-Champaign.
 
“I’m thrilled to join a dynamic brokerage firm and contribute to their ongoing expansion into multifamily transactions,” said Goldstein. “Greenstone Partners offers a unique opportunity to grow my business and gain exposure to a wide range of commercial asset classes. This experience will enhance my real estate expertise across the entire market, enabling me to provide my clients with an even higher level of service.”
 
Greenstone Partners expanded into the multifamily sector in 2022 with the addition of Jordan Multack and is eager to build on the success and growth of its multifamily transactions.
 
“Our clients own real estate across various asset classes, and being able to assist them with any transaction is crucial,” said CEO & Managing Partner Danny Spitz. “Jacob’s strong reputation and proven track record make him a valuable complement to our team, and we’re excited to see him flourish at Greenstone.”
 
“Greenstone Partners provides a platform where brokers can thrive in their specialized asset class,” added Managing Partner Jason St. John. “Our team collaborates across product types by sharing client relationships and providing the best team tailored to the specific assignment. We are committed to serving our clients’ needs above territorial assignments. As a result, our clients and brokers prosper.”
  
Greenstone Partners takes a multidisciplinary approach to maximize opportunities for its private capital clients, securing the highest and most qualified offers. Brokerage clients range from public and private REITs to high-net-worth investors, foreign investment funds, financial institutions, and business operators.
 
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
Greenstone Partners Brokers 25-unit Lincoln Square Mixed-Use Property for $7.1 Million

Greenstone Partners Brokers 25-unit Lincoln Square Mixed-Use Property for $7.1 Million

The new construction property was brokered by Director Jordan Multack

 

 

Greenstone Partners announces 2247-49 West Lawrence Ave. in the Lincoln Square Neighborhood of Chicago, Illinois, has sold for $7.1 million. The mixed-use property features 24 apartment units and 1,950 square feet of ground-floor live work space. Greenstone Partners’ Director Jordan Multack represented the buyer, Breneman Capital, and the seller in the transaction.

 

“This deal was a strong investment opportunity that saw solid interest from both local and out-of-state buyers,” said Multack. “With Lincoln Square’s strong demographics, proximity to public transportation, and vibrant neighborhood, all of the fundamentals are there to make this a compelling investment.”

 

“It was a pleasure working with Jordan Multack and the Greenstone Partners team on another investment,” said Drew Breneman, Founder & CEO of Breneman Capital. “We were drawn to this particular property since it checks all the boxes we typically look for: Well-located, high-quality construction, and an immediate path to increase the value and cash flow quickly through leasing the vacant retail space and adjusting the apartment rents to market rates.”

 

The mixed-use property comprises 22 market-rate apartments, one office space, and two affordable apartments. The mix of the apartments features (1) 1 Bed/1 Bath ARO unit, (1) 3 Bed/2 Bath ARO unit, (13) 3 Bed/2 Bath units, (4) 2 Bed/2 Bath units and (5) 1 Bed/1 Bath units. The apartments feature brand-new quartz countertops, white cabinets, stainless steel appliances, separate HVAC, dishwashers, on-site parking, and laundry in-units. The property also features a rooftop deck, with seating and an outdoor tv for its residents, accessed by the elevator.

 

“We were able to generate a ton of interest for the property through our vast database of local and national investors. Through our marketing efforts, we were able to yield multiple offers. The sellers elected to go with Breneman Capital due to their proven track record of successfully closing stabilized assets in this market,” said Multack.

 

To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.

 

 

Greenstone Partners Marketing Two Flex Loft Opportunities in Fulton Market District

Greenstone Partners Marketing Two Flex Loft Opportunities in Fulton Market District

Greenstone Partners, a commercial real estate brokerage firm, has listed two contiguous loft buildings in Chicago’s Fulton Market District, just one-mile west of the city’s central business loop. The 78,246-square-foot multi-tenant flex building located at 350 N. Ogden Ave. is now listed at $11.9 million. The neighboring 345 N. Loomis, a 60,718-square-foot fully occupied building home to renowned recording and professional rehearsal facility The Music Garage, is listed at $9.8 million. Greenstone Partners’ Managing Partner, Danny Spitz is representing each of the sellers and marketing the properties. 
 
“Conceptually, we see the endless opportunities these properties would convey to ownership by surveying the neighborhood success stories surrounding them - such as Fulton West, which advanced the life science ecosystem in Fulton Market, the 500+ new units recently delivered at Ogden and Randolph, as well as over two million square feet of new development proposed directly across the street,” said Spitz. “350 N. Ogden represents a blank canvas option for investors interested in establishing their own value enhancement vision with frontage and visibility along Ogden. 345 N. Loomis, on the other hand, presents the opportunity to purchase the building along with the successful music studio business as a bundle or an investor can solely purchase the property."
 
The partially occupied building at 350 N. Ogden, which is situated on a 22,245-square-foot parcel of land, is a concrete loft with 63,686 rentable square feet above grade space and a 14,561 rentable square-foot lower level with 12-foot ceiling height. The property includes ideal column spacing and very heavy floor loads to support additional density to the original structure. Additionally, the property features 15 parking spaces and multiple loading docks on two sides.
 
Home to The Music Garage, 345 N. Loomis has hosted A-list musical talents such as Sting and Chance the Rapper. Serious musicians appreciate the rehearsal studios with full back-lines and a “Showcase Room” provides a wide range of professional rehearsal services to accommodate every touring act, from international headliners to local bands. The music recording facility features dual construction 18” walls and custom sound suppression. 345 N. Loomis includes 51,250 of rentable square feet above ground space and a 9,468-square-foot built-out and occupied lower level. The 18,679 square feet of land also includes 22 private parking spaces and two exterior truck level docks. The property has benefited from extensive recent capital improvements and meticulous maintenance for the operating business. 
 
“Within the past five years, we’ve seen a momentous shift in demographics for the Fulton Market area - once a warehouse district,” added Spitz. “The submarket has transformed into a beacon of industry attracting Chicago’s highest-profile office and luxury residential developments. Numerous projects are in construction and planning phases within a three-block radius of both listings and the highly anticipated Metra station, which will add further accessibility to the suburban workforce, will also function as a major catalyst for growth in Fulton Market.”
 
Along with the proposed Metra station’s Fulton Market stop, which would be located adjacent to the loft buildings listed, the location offers ideal public transit access less than 1/3 mile from the CTA Green & Pink Line Ashland ‘L’ station as well as access to multiple bus routes and close proximity to the CTA Blue Line ‘L’ Chicago station. Situated between access to expressways to the northern and western suburbs, the Ogden I-90/94 Kennedy Expressway access ramp is only 1/2-mile to the north of the property and I-290 access is 1 mile to the south along Ogden
 
Fulton Market’s mix of national and international brand office tenants include but are not limited to: the global headquarters of McDonald’s, the Google Midwest headquarters, Coca-Cola, WPP, Mondelez International, Dyson, Uber and Glassdoor. In addition to attracting office and life science tenants such as Talis and Xeris, the area is also home to high-end retail, luxury condos and apartments, critically acclaimed restaurants, and many new modern hotels. 
 
To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.
Greenstone Partners Lists Two-Building Mixed-Use Portfolio in Wicker Park for $7.39 Million

Greenstone Partners Lists Two-Building Mixed-Use Portfolio in Wicker Park for $7.39 Million

Greenstone Partners lists 1501 & 1505 N. Milwaukee Ave., in the Wicker Park neighborhood of Chicago for $7.39 million. The two buildings are situated on one land parcel, including a two-car parking garage. Greenstone Partners’ Managing Partner Danny Spitz and Senior Director Brewster Hague represent the seller and are marketing the portfolio. 

“Wicker Park offers a unique confluence of location, destination and tenant mix,” said Spitz. “These properties are located on Milwaukee  Avenue at the corner of Honore St. and feature notable retailers - Jeni’s Ice Cream and Round Two and feature large apartment floorplans.”

1501 N. Milwaukee is a two-story, 4,300+ square foot retail building 100% occupied by Round Two, a popular streetwear and fashion retailer. 

Built in 2015, 1505 N. Milwaukee Ave is a four-story, 7,100+ square foot mixed-use building with retail space on the ground floor 100% occupied by Jeni’s Ice Cream. Three spacious three-bedroom, two-bathroom units featuring condo-quality finishes, outdoor space and an abundance of natural sunlight. 

“The properties, located near the prolific North-Milwaukee-Damen ‘six-corners’ intersection and the CTA  Damen station, have high-foot traffic for its retailers and a prime location for its residents,” said Hague. “With an investment in this coveted Chicago neighborhood, where national retailers have flagship locations to attract national  and  international  tourists, we anticipate a high investor interest for the properties.”

To learn more about Greenstone Partners, visit www.Greenstone-Partners.com.

 

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