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Beitel Group and The Scharf Group, Both NY-Based Single-Family Offices, Have Acquired 720 Units in Chicago MSA for a Purchase Price of $110 Million

original Beitel Group and The Scharf Group acquired 720 units in Chicago MSA (Photo: Business Wire)

Beitel Group and The Scharf Group acquired 720 units in Chicago MSA (Photo: Business Wire)

NEW YORK--(BUSINESS WIRE)--Beitel Group and The Scharf Group, both NY-based single-family offices, have acquired 720 units in Chicago MSA for a purchase price of $110 Million.

The target is to achieve an increased rent premium by upgrading and enhancing the property. The amenities will include a new business center, state of the art fitness center, clubhouse, and leasing office.

Furthermore, the exterior and interior of the units will be upgraded too. This will include redoing the roofs, sidings, and windows as well as new appliances, resurfaced counters, new cabinets doors, faux wood flooring, and upgraded lighting.

Beitel Group

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Beitel currently owns and operates a multifamily portfolio spanning nine states, consisting of 10,000+ units.

The Scharf Group

A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.

Contacts

Beitel Group
Hannah Newman, 718-977-5666
hnewman@beitel.com
or
Scharf Group
Oren Souli, 718-837-7700
oren@thescharfgroup.com

Industry:
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Beitel Group Logo

Beitel Group

Release Summary
Beitel Group and The Scharf Group acquired 720 units in Chicago MSA
Release Versions
English

Contacts

Beitel Group
Hannah Newman, 718-977-5666
hnewman@beitel.com
or
Scharf Group
Oren Souli, 718-837-7700
oren@thescharfgroup.com

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