Essex Realty Sells Chicago Community
Partners Jim Darrow and Jordan Gottlieb represented the seller, JAB Real Estate, in the $24.5 million 1031 exchange transaction.
Essex Realty Group Inc. has brokered the sale of a 60-unit community in Chicago’s Old Town neighborhood. The high-end Northland Apartments was completed earlier this year and changed hands for $24.5 million. Essex Realty’s Partners Jim Darrow and Jordan Gottlieb represented the seller, JAB Real Estate, in the deal while Kate Varde, also a partner with the company, worked on behalf of the out-of-state buyer. The transaction was a reverse 1031 exchange.
The Northland is located at 1550 N. Wieland St., in a transit-oriented area close to the Sedgwick “L” station. In addition to the residential component, the property also includes retail space leased to the Two Lights Seafood & Oyster restaurant.
The community offers a mix of studio, one- and two-bedroom apartments equipped with stainless steel Whirlpool appliances, quartz countertops, stone tilework, custom blinds and bathroom glass walls as well as in-unit Bluetooth speakers and strategic USB outlets. Building amenities include a rooftop deck and grilling area, package delivery service, skyline and lake views as well as a dog run and play area.
“This development adds high-end, new rental units in a neighborhood that has extremely high demand and very low supply,” said Darrow in a prepared statement. Not far from The Northland, Brinshore Development delivered Clybourn 1200 last year, an 84-unit mixed-use, partly-affordable project.
Image courtesy of Essex Realty Group
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