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Sold Stuff

The Historic Belden-Stratford Hotel overlooking Lincoln Park has sold for nearly $60M to the Laramar Group. Previous owner IRMCO Properties offered it up in June as part of a six-building portfolio. The 1923 16-story Beaux Arts building is on the National Register of Historic Places and retains a small hotel component (about 25%), with the remaining 200+ units as apartments. The sale price breaks down to just over $200K per unit. With rents rising across the city this may prove a good investment as is, without substantial changes to the building's composition. [Crain's]