Edgeville Buzz

Historic 233-Unit Foster and Sheridan Building Sold, To Undergo Full Rehab

Back in the 1920s, when Edgewater was a bustling Midwest vacation destination, luxury hotels dotted the waterfront. Though Edgewater Beach Hotel was the most famous, others also sprung up in the area to handle the influx of tourism. One such building was 5200 N. Foster at Sheridan.

The 233-unit building built in 1924 served as a luxury hotel for decades until vacationers turned into residents. It eventually became apartments. The building contains studios, one-bedrooms and two-bedrooms ranging in size from 300 sq. ft to 1350 sq. ft. There is also 25,000 sq. ft of additional ground-floor retail space.

The building, which is under the management of Kopley Group, has been in need of renovation. Earlier this year, the building was listed for sale by Kiser Institutional Group with hopes of bringing in as much as $28 million.

Yesterday, Uptown Update announced that the building has been sold for $21 million to Spirit Bascom Ventures, LLC, according to a press release sent out by their office. In the document, the company stated their intentions as, “to reposition the asset with a full rehab and renovation program including unit renovation, additional resident amenities and establishing retail tenancy.”

With the success of the Somerset Place Apartments only two blocks south of 5200 Foster, the new owners will hopefully look at the true potential of the building.

According to their website, Spirit Bascom Ventures, LLC was formed in 1996. It is a private equity firm specializing in multifamily, commercial, non-performing loans, and real estate related investments and operating companies.  Bascom sources value-add and distressed properties through foreclosure, bankruptcy, or short sales, and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses using institutional-quality property management.

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