Silver Property Group Buys $22M Vintage Chicago MF Portfolio
Silver Property Group (SPG), a Chicago-based property management, development, and investment company, has closed on a 20-unit vintage neighborhood building located at 2200 N. Avers Ave. in the Avondale neighborhood of Chicago.
This marks the sixth and final building acquired from Pioneer Acquisitions, a New York-based investment firm, as part of a broader 117-unit portfolio transaction totaling $22.3 million. All six buildings, originally failed condo conversions, were acquired by Pioneer from distressed ownership and feature condo-quality finishes. The deals were brokered by Interra Realty’s Joe Smazal.
Since 2012, SPG and its affiliated LLCs have acquired 100 buildings and currently manage over 1,600 units throughout Chicago, Evanston, and Highland Park. SPG is actively expanding its Property Management Division and continues to pursue vintage apartment buildings in Chicago neighborhoods. Silver’s portfolio consists of residential properties ranging from four to forty units.
“Neighborhood multifamily buildings are a very competitive asset class,” said Ron Abrams, founder and principal of SPG. “The ability to buy at less than replacement cost is very attractive.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout