Has anyone heard of Newcastle Limited based in Chicago?

I am very familiar with them.

They are backed by Washington State Pension fund, so capital will never be an issue. Their mandate allows them to invest in multifamily properties in Chicago. Historically they have bought properties in the nicest 5 - 7 neighborhoods of Chicago (Lincoln Park, Lakeview, Buena Park, Wicker Park, Old Town, Gold Coast, Bucktown) Properties they acquired here were either already fully renovated, or they would go through the renovation process themselves. They never sell, but constantly update their portfolio. More recently they have been given the OK to start pursuing development projects and completed a luxury project in the Gold Coast. They also made a run at a large assemblage in the West Loop. I know some of the people who work there are frustrated that they can't invest in more areas of Chicago, but overall everyone working there seems to like it.

They also invest in high street retail properties along major corridors in Chicago (Southport, Milwaukee ave in Wicker Park & Bucktown, State Street downtown, Armitage in Lincoln Park Michigan Ave, etc.) Again, they buy release/improve and never plan to sell.

Their multifamily brand is called "Reside"

You'll see a lot of volume there, but you will be very limited by asset class and geography.