Essex Lists New-Construction Apartments in Old Town
Essex Realty Group has been retained to market for sale the Old Town Collection, a luxury mixed-use apartment building in Old Town. The new-construction property is located at 1553 N. Wells St. and is listed at $14,250,000.
Completed in 2019, the boutique property is comprised of one retail space and 23 apartment units. The building is fully leased and has reported 100% collections since March 2020.
“Not many new construction buildings close to downtown fared well in 2020, but the Old Town Collection’s strong performance in 2020 with 100% occupancy is a testament to its irreplaceable location and the great layouts it offers residents,” said Essex principal Jim Darrow. “It will attract not only local Chicago investors, but also national investors seeking higher yields than what can be found in other markets.”
Darrow and Essex principal Jordan Gottlieb are representing the seller, a local investor.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).