Essex Realty Group Executes Successful Sale of Rare 4-Unit Greystone in Old Town
CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of a new construction building at 1539 N. Wells St., located in Chicago’s popular Old Town neighborhood. Essex Director Abe Eilian and Associate Drake Orser represented the seller, and Essex Managing Director Matt Feo represented the buyer of the transaction.
The 4-unit Greystone features a highly desirable oversized unit mix of 3 and 5-bedroom units. These spacious apartments are rare along the Wells corridor, where rental options with three+ bedrooms are scarce and in high demand among tenants. Each of the four units has been recently renovated, and the building has also received new electrical service, hot water tanks, roofing, tuckpointing, fencing, and washers and dryers. The units all have private balconies, and there are two garage parking spaces available to tenants.
Old Town is a designated historic district filled with rich history and beautiful Victorian-era buildings nestled between the Gold Coast/River North and Lincoln Park neighborhoods. The area is home to Chicago’s famous improv comedy training center, “The Second City”, and the historic St. Michael’s Church, famous for surviving the Great Chicago Fire. Additionally, the Old Town Art Fair was one of the original neighborhood fairs in Chicago, dating back to 1949. Today, the Fair features exhibits from more than 250 artists and showcases the neighborhood’s architectural beauty.
Just a few blocks from the Sedgwick CTA Brown & Purple Lines, the Clark & Division CTA Red Line, various CTA bus stops, and Lake Shore Drive, 1539 N. Wells St. provides unparalleled access to transportation around the city. Additionally, residents enjoy convenient access to many local dining and shopping options, North Avenue Beach, Lincoln Park Zoo, and recreational park space.
“1539 N. Wells Street was a meticulously maintained and exceptionally rare opportunity. As one of the few true multi-family investment properties along the prime Wells Street corridor—between North Avenue and Division Street—it presented a unique strategic opportunity. With its favorable in-place zoning and unusually deep 171-foot lot, the property also offered potential for developing additional dwelling units, creating significant upside for the right investor”, said Abe Eilian, Director at Essex Realty Group, LLC.
Throughout the marketing phase, 1539 N. Wells St. hosted several tours, attracting significant interest from prospective buyers. Ultimately, the property garnered multiple offers and sold for over $2.8MM. The transaction shows the property’s desirability in a neighborhood lacking comparable properties with such large units.