New Construction Old Town Property on Wells Street Sells for $15.7 Million in Transaction Arranged by Essex Realty Group

Chicago Multifamily Transaction Overview

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC, is pleased to announce the closing of 1553 North Wells Street, a new construction mixed-use property located in Chicago’s Old Town neighborhood.

Essex Realty Group’s Role in the Transaction

The 23-unit building + retail, constructed in 2019, sold for $15,700,000. Principals Jim Darrow and Jordan Gottlieb, along with Director Brian Keegan, facilitated the transaction, representing both the seller and buyer.

Essex and Jim Darrow conducted an extensive national marketing campaign that yielded 15+ property tours, multiple offers and ultimately identified an out of state 1031 Exchange buyer that successfully closed on the property.

Property Highlights: 1553 North Wells Street

Unit Mix and Features

Located along the highly coveted Wells Street corridor, 1553 North Wells Street features luxury apartments with all of today’s most desired amenities including, in-unit laundry, designer kitchens & baths, and private outdoor balconies. The building also includes heated garage parking, bicycle parking, an elevator, a dog washing station, and a ground-floor retail space currently occupied by Philz Coffee.

“The Wells Street property was truly a pleasure to work on. In my nearly 30 years in brokerage, I can count on one hand the properties that checked all the boxes such as this one. From the once in a lifetime location, to the exceptional layouts with designer finishes, to the private outdoor spaces, everything was extremely well thought out and well executed for today’s demanding residents. The buyer acquired a remarkable asset,” said Jim Darrow.

Prime Location in Old Town

Transit and Accessibility

The property’s unmatched location places Old Town’s extensive dining, shopping, and entertainment options right outside the resident’s front door. With Lincoln Park and Lake Michigan 2 blocks to the east and proximity to the Sedgwick Brown/Purple Line station, the Clark/Division Red Line, and multiple CTA bus routes, the building offers excellent transit connectivity and walkability.

Read Features with Connect CRE, and Bisnow.

Explore Our Recent Sale of Rare 4-Unit Greystone in Old Town click HERE to read.

Work With Chicago Multifamily Brokers

To get connected with one of our brokers regarding a recent or upcoming multifamily or mixed-use properties for sale in Chicago, please fill out the form below.

Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

If you enjoyed this content and would like to stay in the loop, please consider following us on LinkedIn and Instagram!