Essex Realty Group, Inc. is pleased to announce the sale of The Northland Apartments located at 1550 North Wieland St. in Chicago’s Old Town neighborhood. Completed in 2018, The Northland is a luxury boutique building comprised of 60 apartments and one restaurant, Two Lights Seafood & Oyster.
The seller, local developer JAB Real Estate, used the Transit Oriented Development (TOD) zoning given the property’s close proximity to the Sedgwick “L” station.
“This development not only adds high-end, new rental units in a neighborhood that has extremely high demand and very low supply, but it also adds appealing new retail tenant that serve the area,” says Jim Darrow, Principal with Essex Realty Group and one of the brokers who represented the seller.
Essex Realty Group Partners Jim Darrow and Jordan Gottlieb represented JAB in the sale, working with Essex’ Partner Kate Varde who represented an out of state buyer entering a reverse 1031 exchange.
The sale price was approximately $24,500,000.
The Northland features high-end finishes including quartz countertops, plank flooring, stainless steel appliances, Nest thermostats, and Sonos in-wall speakers in each unit. In addition, the building has a dog run as well as a rooftop deck with skyline and lake views.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
