Berkadia Negotiates Sale of 3121 N. Sheridan in Chicago, Illinois
Chicago, Illinois – February 20, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, today announced the sale of 3121 N. Sheridan Road, a 296-unit residential property located in Chicago’s Lakeview neighborhood.
Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders of Berkadia Seniors Housing & Healthcare collaborated with Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee to complete the sale.
The property sold for an undisclosed amount. The seller was a publicly traded corporation, and the buyers were a local investment group and Annenberg Investments, Ltd. The property will be managed by Peak Properties and leased by Cross Street.
“With its proximity to the lakefront and neighborhood amenities, the property is well-positioned for thoughtful revitalization under new ownership,” said Pete Evans.
Originally built in 1950 and updated in the early 1990s, new ownership plans a comprehensive repositioning, including high-end amenity spaces and modern apartment units.
“Lakeview is one of Chicago’s most supply-constrained neighborhoods. We are excited to deliver modern apartments and upgraded amenities at a more attainable price point and on a faster timeline than new ground-up development,” said Jarrett Annenberg, Partner at Annenberg Investments, Ltd.
Located steps from Lake Michigan and Belmont Harbor, 3121 N. Sheridan offers immediate access to the Lakefront, public transit, neighborhood retail, and Chicago landmarks including Wrigley Field and DePaul University.