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New-Build Old Town Apartments Trade in 1031 Deal
Essex Realty Group has arranged the $24.5-million sale of The Northland Apartments at 1550 N. Wieland St. in Chicago’s Old Town neighborhood. Completed in 2018, The Northland is a luxury boutique building with 60 apartments and one restaurant, Two Lights Seafood & Oyster.
The seller, local developer JAB Real Estate, used the Transit Oriented Development (TOD) zoning, given the property’s close proximity to the Sedgwick “L” station.
“This development not only adds high-end, new rental units in a neighborhood that has extremely high demand and very low supply, but it also adds appealing new retail tenant that serve the area,” said Essex Realty principal Jim Darrow.
Darrow and Jordan Gottlieb represented JAB in the sale, working with Essex partner Kate Varde, who represented an out-of-state buyer entering a reverse 1031 exchange.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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