July 30, 2020
First Western Properties finalized the acquisition of two greystone properties on Chicago’s West Side: the six-unit 1434 W. Flournoy in the UIC/Little Italy Corridor and the seven-unit 1004 S. Oakley in the Tri-Taylor/IL Medical District. Deal terms weren’t disclosed.
The brokerage represented the buyer and beat out eight other competing offers on the properties. “While the current environment can be challenging for many asset classes, there are always opportunities,” said Paul Tsakiris, First Western Properties managing broker. “The key is to stay informed and be ready to act on behalf of your clients when opportunities present themselves.”
Tsakiris said Chicago and its urban core markets, such as Pilsen, Little Village and Tri Taylor, offer “quality real estate, amazing architecture and proximity to Chicago and the lakefront while providing higher cap rates and appreciation. As such, they are doing considerably better than many other cities.”
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