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andolph Street Realty Capital has expanded its multifamily portfolio with the acquisition of Panorama Apartments, a 140-unit apartment building in Chicago's Lakeview neighborhood. The company, led by co-founders Robert Tanaka and Jonathan Saliterman, purchased the property from Blitzlake Partners for approximately $40 million, or about $258,000 per unit. Essex Realty Group facilitated the transaction.

    The eight-story building at 918 West School Street offers a range of amenities, including a theater, indoor and outdoor lounges, and a fitness center. Despite being delivered during the COVID-19 pandemic in 2020, the apartments leased up quickly, with an average asking rent of $2,393 per month or $3.49 per square foot.

    The Lakeview neighborhood benefits from limited development, with only 310 apartment units under construction in the North Lakefront submarket this quarter. This has helped sustain high occupancy rates and strong rental demand for well-located properties like Panorama Apartments. The purchase adds to Randolph Street Realty Capital's multifamily holdings, which include properties in Des Plaines, Arizona, Washington, and Minnesota.

    Blitzlake Partners developed Panorama Apartments after acquiring the 23,000-square-foot parcel in 2017 for $7 million. The project was financed with a construction loan from CIBC Bank USA in 2019 and refinanced by Republic Bank in 2021. Blitzlake remains active in the Lakeview area, developing another property at 3200 North Clark Street with a Target store.