Local apartment investor New City Property Management (NCPM) has greatly expanded its holdings in Chicago’s South Shore neighborhood, paying $22 million for two properties close to the Obama Presidential Center. The 16-story building at 7000 S. South Shore Drive on the lakefront and a smaller building one block west at 6951 S. Oglesby Ave., were purchased from San Francisco-based Belveron Partners who had acquired them four years ago for $16.8 million.
The two buildings combined have 250 units according to a spokesperson from Belveron, with NCPM founder and CEO James Oppenheimer confirming that as a local firm they are committed to holding these properties for years while providing needed investment without displacing tenants – many of whom receive rental subsidies .
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