An apartment building located near the future Bally’s casino complex was sold for $4.2 million as part of a 1031 exchange.
The nine-unit property sits less than a mile from the $1.7 billion casino development under construction at 777 W. Chicago Ave.
Private investor Alex Pappas, who lives near the fully occupied building in River West, closed on a sale June 24 to purchase 693 N. Peoria St., said Jordan Multack with Greenstone Partners, who represented the buyer and out-of-state seller in the transaction.
According to the Cook County Clerk’s Office, Peoria Commercial Partners LLC was the previous owner.
“The buyer was drawn to the luxury-style apartment units and the proximity to Fulton Market,” said Multack. “This is a turnkey, newly constructed apartment building with condo-quality apartment units.”
Built in 2012, the property features new fixtures, private balconies, on-site parking, in-unit laundry and separated HVAC systems.
“No significant value-add or upgrades are planned by the buyer,” said Multack. “He plans to continue to operate the property with his management.”
Prior to the sale, the buyer sold a mixed-use property in Beverly.
The move also comes as Universal Destinations & Experiences, the theme park and entertainment division of Comcast NBCUniversal, announced last week plans to open a 114,000-square-foot entertainment venue across the street from the casino site in 2027.