Jonathan Rose Cos. recently acquired a Chicago apartment building for $55 million.
The New York City-based firm bought the 186-unit Webster House at 2150 N. Lincoln Park West from Chicago-based Webster House Associates, reported the Chicago Business Journal. CBRE’s John Jaeger, Justin Puppi, and Tim Flint represented the seller. Jonathan Rose was represented internally.
The acquisition brings Jonathan Rose’s Chicago multifamily portfolio to 2,346 units. The company plans upgrades to the property, with JPMorgan Chase & Co. arranging $31.5 million of debt financing for the acquisition, which included $7 million to finance an initial renovation. Renovations are expected to begin in the first quarter of 2025 with Chicago-based developer Prairie Management & Development Inc.
“As our footprint in the area expands, we’re proud of our work to preserve critical housing in high-opportunity neighborhoods across the city such as Lincoln Park,” said Nathan Taft, partner and chief investment officer at Jonathan Rose Companies.
