Northland Apartments in Old Town Trade for $25M
“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.
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.