Spirit Bascom Ventures purchases Edgewater/Andersonville building

  • Spirit Bascom Ventures recently acquired an eight-story prewar building in the gentrifying Edgewater/Andersonville neighborhood.
  • The building's 223 units will be turned into Class A luxury apartments.
  • The partnership venture seeks to expand its presence in Chicago.

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Seeking to make a splash in Chicago’s high-end rental market, Spirit Bascom Ventures, LLC, a partnership between Irvine, California-based The Bascom Group, LLC, and Stamford, Connecticut-based Spirit Investment Partners, LLC, has acquired a prime piece of real estate in the fast-growing Edgewater/Andersonville neighborhood. The eight-story prewar building contains 223 rental units with unobstructed views of Lake Michigan and approximately 9,000 square feet of ground floor retail space.  The property is located at 5200 N. Sheridan Road, two blocks from the Berwyn Street stop on the Red Line and a short walk to the N. Clark Street retail corridor and Foster Beach. 5200 N Sheridan The purchase price was $21.6 million. Seeking to take advantage of a quickly gentrifying neighborhood that currently has a limited supply of large luxury properties, the venture will turn the building into what they term a “fully amenitized” Class A luxury rental building. The major mechanica...