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Berkadia has arranged the sale of 3121 N. Sheridan Road, a 296-unit residential asset in Chicago’s Lakeview neighborhood. The property, located just off Lake Michigan and near Belmont Harbor, sits within one of the city’s established North Side communities.
The Berkadia team on the transaction drew from both its seniors housing and local investment sales platforms. Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders from Berkadia Seniors Housing & Healthcare worked alongside Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee to complete the assignment.
The sale price was not disclosed. The seller was described as a publicly traded corporation. On the buy side, a local investment group partnered with Annenberg Investments, Ltd. to acquire the asset. The new ownership has retained Peak Properties to handle day-to-day property management, while leasing responsibilities will be carried out by Cross Street.
The property was originally constructed in 1950 and most recently operated as a seniors living facility. Following the change in ownership, the asset is slated for a comprehensive repositioning into a modern multifamily community. According to the announcement, the business plan calls for high-end amenity spaces and updated apartment interiors as part of the conversion from its prior use.
3121 N. Sheridan Road benefits from a location steps from Lake Michigan and Belmont Harbor, providing residents direct proximity to Chicago’s Lakefront. The community also offers immediate access to public transportation and neighborhood retail, enhancing connectivity for future renters. Nearby landmarks include Wrigley Field and DePaul University, reinforcing the property’s adjacency to major entertainment, educational, and cultural anchors on the city’s North Side.
The transaction highlights ongoing investor interest in well-located, infill residential assets in Lakeview, particularly those that can be repositioned to better reflect current renter demand. With a sizable unit count and an established location near transit, recreation, and retail, the property provides the buyers with a platform for a value-add strategy focused on upgrading both common areas and individual residences.
As Peak Properties takes over management and Cross Street leads leasing, execution of the repositioning plan will be central to realizing the potential of the former seniors housing asset as a contemporary multifamily offering. The combination of a large-scale property, in-place urban infrastructure, and a clearly defined renovation program underscores how existing buildings in mature neighborhoods continue to serve as a source of new rental housing stock.
The post Berkadia Arranges Sale of 296-Unit 3121 N. Sheridan Road Property in Chicago’s Lakeview appeared first on CRE Market Beat.
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