ShainRealty Capital Sells Chicago Apartment Building for $11M

CHICAGO — ShainRealty Capital has sold Madison Terrace, a 96-unit apartment building in Chicago, for $11 million. The transaction marks the company’s last holding in the Chicago multifamily market. ShainRealty purchased the asset for $8.2 million shortly after the pandemic began. The disposition marks a 34 percent increase in value. Additionally, ShainRealty had acquired the asset in a low interest rate environment with a 2.83 percent, fixed-rate Fannie Mae loan with a term of seven years. ShainRealty says that the loan assumption enticed the buyer, David Pezzola of Icarus Investments. The property, built in 1986, consists of two-, three- and four-bedroom units averaging 1,275 square feet in size. Lucas Fryman and Ted Stratman of Interra Realty represented both the buyer and seller.