Newly Constructed Uptown Mixed-Use Property Sells for $21 Million

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the $21,000,000 sale of Portrait, a newly constructed 59-unit mixed-use property located at 948 West Sunnyside Avenue in Chicago’s Uptown neighborhood.

Transaction Summary

• Transaction Type: Uptown Mixed-Use Property Sale
• Address: 948 W. Sunnyside Avenue, Chicago
• Neighborhood: Uptown
• Property Type: Mixed-Use Apartment Building
• Unit Count: 59 Units
• Sale Price: $21,000,000
• Brokers: Principal Kate Varde, Principal Matt Feo, Principal Jordan Gottlieb, and Managing Director Rick Ofman

Property Overview: 59-Unit Mixed-Use Property in Uptown

Developed by Mavrek, the property consists of 59 residential units, 6,458 square feet of ground-floor retail, and 36 parking spaces. The unit mix includes studios, one-bedroom, and two-bedroom apartments, all featuring modern finishes, in-unit laundry, and individual HVAC systems.

The property also includes a co-working space, fitness center, and bike storage, enhancing the overall tenant experience. The retail component is fully leased to an upscale salon and a longtime Uptown restaurant and event venue, providing stable in-place tenancy.

“Uptown was ready for this. We saw a neighborhood with real momentum and a genuine need for high-quality housing and activated street-level retail. Portrait was our answer to that, and the outcome validates the thesis,” said Adam Friedberg, CEO of Mavrek.

Investment Demand for New Construction Mixed-Use Assets

The transaction reflects continued investor demand for newly constructed, mixed-use assets in well-located urban submarkets. Mavrek’s thoughtfully designed residences and curated community spaces helped position the property as a premier offering within the Uptown market.

The buyer, a New York-based investment group, was drawn to the asset’s stabilized retail tenancy, modern residential product, and long-term growth potential within one of Chicago’s evolving North Side neighborhoods.

Broker Representation in the Uptown Apartment Building Sale

Essex Realty Group Principals Kate Varde and Matt Feo represented the seller, Mavrek, in the transaction. Principal Jordan Gottlieb and Managing Director Rick Ofman represented the buyer.

“Portrait has been a tremendous addition to the Uptown neighborhood, adding highly needed retail and apartment options to the area. The developer’s first-class product was a significant factor in the buyer’s decision to purchase the asset,” said Jordan Gottlieb.

Uptown Multifamily Investment Market

Located at the intersection of Sunnyside Avenue and Sheridan Road, the property offers convenient access to Lake Michigan, public transportation, and Uptown’s growing mix of dining, entertainment, and neighborhood retail.

Uptown continues to see steady investment activity driven by its lakefront location, strong transit connectivity, and ongoing revitalization. The neighborhood’s blend of historic character and new development continues to attract both residents and investors seeking long-term growth within Chicago’s North Side.

Read More About This Transaction

This Uptown mixed-use property sale was also featured in Crain’s Chicago Business, highlighting continued investor demand for newly constructed multifamily assets in Chicago.

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About Essex Realty Group

Essex Realty Group, LLC has served Chicago’s investment real estate market since 1990 as a leading Chicago multifamily brokerage firm specializing in apartment building sales throughout the city and surrounding suburbs.