CHICAGO - Sperry Van Ness Chicago Commercial has completed the sale of a multifamily property in the Washington Park neighborhood of Chicago’s southside. The 72-unit building, located at 5500 S Wabash Avenue, consists of six (6) three-bedroom units and sixty-six (66) two-bedroom units. The bank-owned property sold for $1,200,000.
Senior Vice President of Multifamily Sales, Jeffrey Baasch and Senior Advisor, Brian Kochendorfer of Sperry Van Ness, LLC represented both the buyer and seller in the transaction. “5504 S Wabash had been tied up in the foreclosure process for years,” said Mr. Baasch. "Over the past five years I have been working extensively with banks on their distressed real estate assets and have seen the supply of distressed multifamily properties drop off considerably, but there still remains some distressedin the pipeline.”
Founded in 1987, Sperry Van Ness is one of the largest and fastest growing commercial real estatefirms in the industry, with more than 1,300 Advisors in 38 states. Sperry Van Ness delivers results for clients through a proven business model that provides advanced marketing and technology tools. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness transactions total billions of dollars annually in retail, office, multifamily, industrial, self-storage, hospitality and land transactions.
Sperry Van Ness, LLC is a national full-service commercial real estate advisory firm located at 940 West Adams Street in downtown Chicago. 312.676.1866. For more information, please visit www.svnchicago.com.