Fulton Market Multifamily Trades in 1031 Exchange

Greenstone Partners has completed the sale of 1151 West Erie Street, a nine-unit multifamily property located at the edge of Chicago’s West Town and Fulton Market neighborhoods. The asset traded for $2.325 million, equating to $258,333 per unit.

The property attracted immediate interest, going under contract within the first week of marketing. The buyers, a pair of 1031 exchange investors, were drawn to the asset’s strong location, unique layouts, rooftop deck, ample on-site parking, and direct access to Fulton Market and the highway. Greenstone Partners’ Senior Director Jordan Multack represented the sellers, a Chicago-based private investor group, as well as the buyers, Chicago-based private investors, in the transaction.

The buyers also identified additional upside through raising rents and capitalizing on the property’s turnkey condition and desirable features. Greenstone Partners specializes in many types of middle-market commercial real estate transactions throughout Chicagoland.

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