* 105-Unit Rogers Park Complex Sells for $7 Million

By Carlise Newman

CHICAGO - The dilapidated East Rogers Park neighborhood is hoping to get an aesthetic makeover with Inverbrass Funds’ purchase of a 105-unit property at 7301 N. Sheridan Rd. The locally based company paid $7.3 million for the 65,885-sf building. The nine-story structure also includes 6,000 sf of ground floor commercial space, which is currently divided into four commercial units. The buyer, Ayman Khalil of Inverbrass, plans to lease this space to local and regional credit tenants that will help continue the revitalization of Rogers Park community.

“A number of the neighborhood’s rental buildings have been lost to condo conversions,” Khalil says. Khalil has completed the majority of its renovation and plans to maintain the building as a rental property. Since January 2006, occupancy at the property has increased by 40 apartments, marking an increase from 30% to 65% occupied.

Douglas Fisher and Matthew Welke of Northbrook-based Essex Realty Group brokered the transaction and represented the seller, Robert Yassan of locally based Rany Management. Fisher and Welke also secured and represented the buyer.

“The building was an eyesore for Rogers Park because as the overall neighborhood was turning, its condition negatively affected the surrounding area and attracted the wrong type of tenants,” Fisher tells GlobeSt.com. “The seller didn’t have the money to renovate, and there were a number of violations against the building.”

Khalil cleared out undesirable tenants and cooperated with the city to repair and remove all dangerous elements of the property. The building was constructed in 1923 by architect Benjamin Marshall, co-founder of architectural firm of Marshall & Fox, best known for Chicago landmarks such as the Blackstone Hotel and Theatre and the Drake Hotel.