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Chicago & Midwest  + North Side  + Apartments  | is a newer-construction mixed-use property near Loyola University in Chicago

New-Construction Mixed-Use Comes to Market in Loyola District

Essex Realty Group is marketing the sale of 1221-27 W. Devon Ave, a boutique, newer construction, mixed-use property in Chicago’s Loyola University District. The building, delivered in 2017, comprises eight high-end units near the corner of Sheridan Road and Devon Avenue in the Edgewater neighborhood.  

“These are tastefully designed apartments for the market that offer a tremendous amount of indoor and outdoor living space,’ said Steven Livaditis, the listing broker. “Very few competing properties can offer similar amenities in the neighborhood; therefore, demand for these rentals is robust.” Additionally, there are three commercial spaces that are fully leased to successful operators. 

The property allows investors to acquire a low-maintenance, passive investment for $4,600,000. The list price reflects a cap rate of 5.5%, with a solid rental upside as the current rents are arguably below market. Livaditis and director Jacob Goldstein are heading the marketing campaign for the Edgewater opportunity. 


Inside The Story

Essex Realty Group

About Paul Bubny

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 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).

  • ◦Sale/Acquisition