RIVERSIDE, IL–(September 16, 2013) – Frontline Real Estate Partners closed the sale of two luxury condos in the Riverside Village Center located at 10 E. Burlington Street, Riverside, Illinois. The development is a prominent mixed-use multifamily/retail condominium building located in the heart of downtown Riverside, a historic western suburb of Chicago. The seller was a banking institution and the buyers were both local residents.
“The Frontline team led by Eric Jacobson executed two seamless transactions for the disposition of high-end penthouse units within the Riverside Village Center,” stated Josh Joseph, Principal of Frontline Real Estate Partners, who then added, “we always strive to maximize value in the shortest possible timeframe, and these two closings were textbook examples of our success in achieving these goals.”
Frontline has been managing, leasing and marketing the bank-owned portfolio of twelve residential and four commercial condominiums at the development since January 2013. According to Eric Jacobson, an associate at Frontline Real Estate Partners, “these two closings were an excellent opportunity for our client to reduce their basis in the deal and obtain a strong market price for those units. As for the rest of the units, Frontline has negotiated a package deal and they are currently under contract with a local investor.”
About Frontline Real Estate Partners
Frontline Real Estate Partners, LLC is a Chicago-based real estate investment and advisory company with expertise in the acquisition, management, disposition, and leasing ofcommercial real estate properties throughout the United States.Founded in 2010, Frontline invests in value-add properties and provides transactional and advisory services to banks, financial institutions, and owners with a focus on the real estate restructuring industry.