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West Town “Apartel” Sells to Local Investor
Essex Realty Group arranged the sale of 747 N. May St., a recently-renovated 22-unit building in West Town that’s operating as an apartment hotel, also known as an apartel. The firm’s Jordan Gottlieb said this type of property will be marketed frequently over the next few years,“ as developers execute master or bulk leases with hotel operators such as Ginosi and Sonder.”
The buyer, a local Chicago investor that saw 747 N. May as an opportunity to diversify its multifamily portfolio in Chicago, paid $4,050,000. The seller was local real estate development firm City Pads.
Gottlieb, and his Essex Realty colleagues Jim Darrow and Jordan Multack, managed both seller and buyer.
While the May Street asset is the first short-term stay property Essex closed in 2019, Essex also has the Waterman Building downtown on the market. Hospitality company Sonder has agreed to operate five of the property’s seven floors.
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- ◦Sale/Acquisition
