Story by Alby Gallun of Crain's Chicago Business.
Bringing new meaning to the term "long-term hold," a Chicago family has sold a 48-unit apartment building in Lincoln Park a century after building it.
Newcastle, a Chicago-based real estate investment firm, said it paid $18.7 million for the seven-story building at 325 W. Fullerton Parkway. Property records identify the seller as Joseph R. Swanson, whose grandfather, Joseph E. Swanson, developed the apartment building in 1917. You won't find too many properties passed down like a family heirloom through three generations. Many developers these days cash out as quickly as they can, especially in today's hot apartment market.
"But it's not unusual for us to come across properties that are being sold by children of a developer," said Mike Haney, founder and CEO of Newcastle.Posted by Andreas Holder on