March 19, 2019
North Wells Capital, the investment management affiliate of Chicago-based Urban Innovations Ltd., has acquired 6943 S. Cornell, a 43-unit multifamily rental property in South Shore. Financial terms weren’t disclosed. The buyer plans to make substantial upgrades to units and common areas at the property, which is located within one of the South Side’s designated Opportunity Zones.
Originally built in 1912, 6943 S. Cornell is a couple blocks south of Jackson Park, the future home of the Obama Presidential Center. “North Wells Capital is looking forward to restoring this beautifully-built courtyard building and through it creating a positive impact on the surrounding neighborhood,” said CEO Jim Fox.
“Everyone is talking about Opportunity Zone investments, but very few transactions have occurred to date,” he added. “This represents the first of what we hope are many opportunities to contribute to the revitalization of underserved neighborhoods in Chicago.”
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