The Northland Apartments, 1550 North Wieland St., Chicago, IL
CHICAGO, IL—JAB Real Estate has sold The Northland Apartments, 1550 North Wieland St. in Chicago's Old Town neighborhood for $24.5 million. Essex Realty Group brokered the transaction.
Completed in 2018, The Northland is a luxury boutique building comprised of 60 apartments and one restaurant, Two Lights Seafood & Oyster.
JAB Real Estate used the Transit Oriented Development (TOD) zoning given the property's close proximity to the Sedgwick “L” station.
“This development not only adds high-end, new rental units in a neighborhood that has extremely high demand and very low supply, but it also adds appealing new retail tenant that serve the area,” says Jim Darrow, principal with Essex Realty Group and one of the brokers who represented the seller.
Essex Realty Group partners Darrow and Jordan Gottlieb represented JAB in the sale, working with Essex partner Kate Varde, who represented the out-of-state buyer entering a reverse 1031 exchange.
The Northland features high-end finishes including quartz countertops, plank flooring, stainless steel appliances, Nest thermostats, and Sonos in-wall speakers in each unit. In addition, the building has a dog run as well as a rooftop deck with skyline and lake views.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
