Bryn Mawr Belle Shore Apartments in Edgewater sold

Built in the late 1920s, the property encompasses two buildings across the street from each other that underwent an extensive redevelopment in the late 1990s. Through agreements with government housing agencies, apartments in the buildings are set aside for low- and moderate-income residents.

“The acquisition of Bryn Mawr Belle Shore Apartments provides us with an important opportunity to preserve much-needed quality affordable housing in Chicago,” Scott Alter, Standard co-founder and principal, said in a statement.

An Eagle Management executive did not return a phone call.

Including transaction costs and other expenses, the total capitalization of the property is $46 million, according to a person familiar with the sale. Eagle acquired the property in 2020, but county records do not include a deed indicating what Eagle paid for it.

The two buildings opened as apartment hotels in the late 1920s. The city designated them as landmarks in 2002.

“Their stylized facades and high-rise scale epitomize the rapid growth and expansion of Chicago in the 1920s and the commercial development of Bryn Mawr Avenue and the Edgewater Community,” according to a 2002 staff report prepared for the Commission on Chicago Landmarks.

The Bryn Mawr, a 12-story building at 5550 N. Kenmore Ave., “is dressed in white terra cotta designed in a late Gothic Revival style,” while the Belle Shore, an eight-story building at 1062 W. Bryn Mawr Ave., “is clad in rich green and cream terra cotta and features Egyptian-like Art Deco designs,” according to a city landmarks website.

Berkadia Managing Director Ralph DePasquale and Director Jack Maloney brokered the sale for Eagle.

The buildings “have always done well in terms of occupancy and the new owners will continue to benefit from the dramatic revitalization of the area over the last decade, which still continues today,” DePasquale said in a statement.

Standard now owns 1,859 apartments in Illinois. Earlier this year, the firm took over a South Side affordable housing complex in a $54 million deal.