North Wells Capital Acquires Multifamily Property in Chicago Opportunity Zone
North Wells Capital, LLC, the investment management affiliate of Urban Innovations, has acquired 6943 S. Cornell, a 43-unit multifamily rental property in one of Chicago's designated Opportunity Zones. The South Shore building is mostly vacant, with many of the units in distressed condition. North Wells Capital is looking forward to significantly updating and restoring the 1912 building to its previous standard of providing affordable, highly efficient and quality housing.
“Everyone is talking about Opportunity Zone investments, but very few transactions have occurred to date. North Wells and our affiliate, Urban Innovations, have a long and successful track record of making investments that improve the local area, specifically as pioneers in River North. This represents the first of what we hope are many opportunities to contribute to the revitalization of underserved neighborhoods in Chicago," said Jim Fox, CEO of North Wells Capital.