Essex Realty Arranges Chicago Apartment Building Sale
- Jan 03, 2020
Essex Realty Group has arranged the $4.1 million sale of 747 N. May St., a completely renovated 22-unit building operating as an apartment hotel, in Chicago. Brokers Jordan Gottlieb, Jim Darrow and Jordan Multack acted on behalf of both the seller—local real estate firm City Pads—and the buyer, a Chicago investor. In July 2019, the trio also represented the buyer of a 41-unit community in Chicago’s Logan Square neighborhood.
The building at 747 N. May St. is just off Interstate 90 and roughly 3 miles from downtown Chicago. The surrounding area provides several public transportation options, including an adjacent subway station. Renovated in 2017, all the property’s units feature stainless steel appliances, custom kitchen cabinetry, quartz countertops, high-speed internet and smart lock access. Moreover, capital improvements at the property included new electric and water services and new copper plumbing.
In a prepared statement, Gottlieb noted that this type of product will be frequently marketed over the next few years as developers execute leases with hotel operators such as Ginosi and Sonder. In addition, the broker also mentioned that apartment hotels enable operators to rent units at premium daily rates and easily deconvert the buildings back to apartments, if needed.
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