FOR IMMEDIATE RELEASE– Exclusive to Crain’s until Tuesday, October 12
October 8, 2010. Chicago, Illinois. Yesterday, Morningside Des Plaines, LLC, an affiliate of Chicago-based Morningside Equities Group, Inc., acquired a partially-completed multi-family building located in downtown Des Plaines, Illinois from an affiliate of Fifth Third Bank. The building, previously named The Brookwood and intended to be sold as condominium units, is a 60-unit pre-cast concrete building located at 595 S. River Road in downtown Des Plaines and has been renamed River 595. Purchase price of the property was $4.1 million.
Completion of the building will begin immediately, and the property will be operated as a luxury rental building. First occupancies are expected in Spring, 2011. Wells Fargo Bank provided construction financing for the acquisition.
Morningside is a Chicago-based real estate development firm that specializes in the development and redevelopment of mixed-use and multi-family properties in urban locations. The company will oversee the construction as well manage leasing and property operations.
Last year, a Morningside affiliate acquired the 252-unit Northshore Estates rental community in Highwood, Illinois. That was renamed Fort Sheridan Place Luxury Rentals and is currently undergoing a complete interior and exterior renovation and market repositioning.
For further information, please contact:
David M. Strosberg
223 West Erie Street, 3rd Floor
Chicago, IL 60654
Web Design by