When it comes to the local apartment market, Mark Ibanez and Blake Berg see big potential in small deals.
Nearly nine months after founding Chicago-based investment firm Wicker Park Capital Management LLC, the former J.P. Morgan Asset Management executives have made their third acquisition in the area: 23 unsold units in Logan Station, a failed Logan Square condominium project.
The $6.6-million deal, which closed last week, is their firm's largest to date, adding to 14 units acquired earlier in the year through two transactions. They bought the Logan Square property, 2504-2516 N. Willetts Court, from Greenwich, Conn.-based Starwood Capital Group,which took title to the units, now fully leased, and an adjacent development site last year through foreclosure.
Can you see Logan Square in this map of the neighborhoods of Chciago?
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