New-Construction Multifamily in Bucktown Sells

Greenstone Partners has sold 1741 North Western, a 25-unit new-construction multifamily property in Chicago’s Bucktown neighborhood. The property, constructed in 2020, was sold for $6.25 million or $250,000 per unit.

The new construction multifamily property consists of 22 market-rate apartments and three affordable apartments. The apartments feature brand-new quartz countertops, grey cabinetry, stainless steel appliances, separate HVAC, dishwashers, on-site parking, and laundry in-units.

The property also features an elevator, gym, storage, and a rooftop deck, seating, and an incredible view of the city skyline. The purchaser was attracted to the value-add potential in managerial upside, fantastic location, low-basis entry point and potential for other cosmetic upgrades.

Greenstone Partners’ Senior Director Jordan Multack and Managing Partner Danny Spitz generated over 30 tours and procured seven written offers. Multack and Spitz also procured the purchaser.