Real Realty, a multifamily brokerage and property management firm, announced the closing of the Albany Apartments, a 24-unit building located at 6322 N. Albany Avenue in Chicago, Illinois.
The property sold for $2.75 million. James Clough and Cristian Gavriluti represented both the seller and the buyer in the transaction. The property is located between Devon Avenue and Rosemont Avenue, close to a strong retail corridor on the bustling street of Devon.
Albany Apartments consists of seven one-bedroom units, 16 two-bedroom units, and one three-bedroom unit. Eleven of the units have been fully renovated, and the property features brick and concrete construction with well-maintained green space. Based in Chicago, Real Realty has more than 2,000 units under management throughout Chicagoland.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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