Essex Tapped To Sell The Opal, A River North Multifamily Property

May 13, 2022

Chicago-based investment real estate brokerage firm Essex Realty Group, Inc. has been exclusively retained to market for sale The Opal, a new construction building in the heart of Chicago’s vibrant River North neighborhood. Located at 61 W. Erie Street, The Opal features 28 luxury apartment units and one 2,019 SF ground floor retail space.

The Opal presents an investor with a unique investment opportunity as the apartments are master leased by Sonder, Inc. (NASDAQ: SOND) a publicly traded international hospitality company combining the comfort of a home with the amenities of a hotel. Sonder is the ideal subtenant to reside in The Opal as they guarantee 100% occupancy with substantially reduced operating costs and time typically required to manage a property of this size. Sonder’s current market capitalization is over $1 billion.

“We are seeing more and more multi-family properties occupied by hospitality companies as developers execute master or bulk leases with hotel operators such as Sonder, Inc.,” says listing broker and Essex Realty Group Principal Jordan Gottlieb. He continued, “Sonder, Inc.’s master lease offer provides the owner with a very attractive tenant and a stable income stream.”

Built by local development firm, LG Group, the building includes a mixture of studios, one-, two-, and three-bedroom apartment floorplans. The apartments feature beautiful high-end finishes including LVT flooring, stainless steel appliances, white quartz counters, custom tile backsplash, floor to ceiling windows, individual HVAC and laundry in-unit. The two duplex apartments feature private rooftop decks.

The property sits on the south side of Erie Street, just east of Clark Street, making it an ideal hospitality location. Plus, the property is within walking distance to Michigan Avenue, Rush and Oak Streets, Chicago’s premiere shopping and entertainment destinations, and short walks to Navy Pier, Lake Michigan, and Millenium Park.

The Opal is currently listed at $16,900,000 by Essex Principals Jim Darrow and Jordan Gottlieb.

Sonder, the current tenant, offers guests fully furnished, short-term apartment rentals and guests are encouraged to stay anywhere from two nights up to two years. Sonder began operations in Chicago in 2015 and operates in popular neighborhoods including Lincoln Park, Lakeview, Wicker Park, Bucktown, the West Loop, Old Town, the Loop and the South Loop. Notable investors of Sonder include Jeff Bezos, Elon Musk & Alex Rodriguez.

Tagged in this post: Jim Darrow , Jordan Gottlieb