Beitel Group and The Scharf Group, both N.Y.-based single-family offices, have acquired 720 units in Chicago MSA for a purchase price of $110 million.
The target is to achieve an increased rent premium by upgrading and enhancing the property. The amenities will include a new business center, state-of-the-art fitness center, clubhouse and leasing office.
Furthermore, the exterior and interior of the units will be upgraded, too. This will include redoing the roofs, sidings and windows, as well as new appliances, resurfaced counters, new cabinet doors, faux-wood flooring, and upgraded lighting.