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Essex Markets 30-Unit Apartel in the Loop
Essex Realty Group is marketing The Plymouth at 417 S. Dearborn St. in the Loop, with an asking price of $16,750,000. Featuring 30 apartments, the vintage property is master leased by Sonder, Inc. an international hospitality company, and is operated as an “apartel.”
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,” said Exssex Realty’s Jordan Gottlieb.
“This property underwent an incredible transformation and was originally intended for a 130-bed student housing property,” he continued. “However, Sonder’s master lease offer provided the owner with a very attractive tenant and a stable income stream.”
Gottlieb is marketing the property with colleagues Jim Darrow and Jordan Multack. In December, the team sold another apartel, the 22-unit 747 N. May St. The property was purchased by a local Chicago investor for $4,050,000.
For comments, questions or concerns, please contact Paul Bubny
