Essex Realty Group, Inc. is pleased to announce the sale of The Plymouth @ 417 South Dearborn Street, a turn of the century classic building in the heart of Chicago’s Loop. This unique opportunity features 30 apartments, a ground level lobby, plus a rooftop club room & terrace. Sonder, Inc., an international hospitality company combining the comfort of a home or apartment rental with the amenities of a hotel, is in year 2 as the sole tenant of the property. The apartments were originally intended for student housing as several universities are located near the property. Sonder is the ideal tenant to reside in 417 S Dearborn St as they guarantee 100% occupancy with extremely reduced costs and time that is typically required to manage the property. They have maintained a perfect payment history, even through the Covid-19 pandemic, and are currently public (NASDAQ: SOND) at a $1BN+ valuation.
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- Essex Originally Brought to Market in March of 2020
- Historic Tax Credit Development
- 30 Luxury Apartments Master-Leased to Sonder, Inc. (NASDAQ: SOND)
- Sonder Current Market Capitalization = $1BN+
- Sonder Responsible for Day-to-Day Maintenance of the Property
- Sonder Maintained Perfect Payment History Since Beginning of COVID-19 Pandemic
- https://therealdeal.com/chicago/2022/05/10/south-loop-landmark-leased-as-short-term-rental-sells-just-under-asking-price-for-16-8m/
- Check Out Essex' Similar Listing at 61 West Erie Street, Also Master-Leased to Sonder