Sept. 10--Chicago Apartment Finders has a new owner.
Coldwell Banker Residential Brokerage said Thursday it purchased the assets of the apartment search service for an undisclosed amount.
The newly acquired division, which expands Coldwell Banker's reach in Chicago's white hot rental market, will operate as Chicago Apartment Finders: Leasing Division of Coldwell Banker Residential Brokerage, the company said in a statement.
The deal includes five offices and 120 sales associates, including Chicago Apartment Finders former owner Andrew Ahitow. The new unit currently has offices in five Chicago neighborhoods: Hyde Park, Lakeview, downtown, Bucktown/Wicker Park and Edgewater.
For years, Chicago Apartment Finders has been up against stiff competition from Web-based apartment search sites like Craigslist and Domu. The company provided online search for apartments but also matched up consumers with a leasing agent to help them tour and settle on a new home.
"The market has been really strong, and the Internet is becoming more and more of a competitor with various sites improving their technology," Ahitow said.
The sale will provide Chicago Apartment Finders the marketing and advertising resources to reach out to consumers looking for a person to help them sort through the vast array of rental listings. "Outside of the downtown market ... it's very confusing and not easy to understand which neighborhoods are the best fit," he added.
Ahitow, who has been developing multi-family apartments in recent years, said that with the sale, he'll have more time to focus on that business.
crshropshire@tribpub.com
