Connect CRE Chicago

Essex Team Closes Sale of River North Apartments

December 15, 2021

Essex Realty Group recently facilitated the off-market sale of 858 N. Franklin St, a 23-unit luxury boutique apartment building in River North. Principals Jim Darrow, Jordan Gottlieb, Steve Livaditis and Director Matt Feo represented the buyer, a local investor, who paid $12.4 million.

Completed in 2015, the building is comprised of oversized one-, two-, and three-bedroom floorplans averaging 1,250 square feet. Most units include outdoor space while the two penthouse units include oversized terraces of up to 1,200 square feet.

“The emphasis on larger apartments and outdoor space is what sets this apart from most other newer construction properties,” said Darrow. “At a time when most developers were focusing on building smaller apartments, this developer zagged and built a larger product most typically associated with condominiums.”

The property is situated on the northwest corner of Franklin and Chestnut streets, adjacent to the proposed Moody Bible Institute Redevelopment Plan.

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