October 18, 2016
Alex Brown Realty Inc. (ABR) and 3L Real Estate partnered to acquire Chicago’s former Yellow Cab building at 57 E. 21st St. The joint venture will redevelop the 80,000-square-foot building into a 110-unit apartment complex. ABR Chesapeake Fund V, sponsored by ABR, contributed $6.6 million, and the building will undergo a $10 million renovation.
Once completed, the multifamily property will offer studios, one and two-bedroom units with parking, at more affordable prices. Amenities will include fitness and laundry facilities.
“This is an exciting value-add opportunity,” stated Tom Burton, ABR’s chief investment officer. “The location is excellent, and we believe the project will appeal to young professionals who desire the amenities that the South Loop offers without paying luxury rates.”
For comments, questions or concerns, please contact Amy Sorter