Rehabbed former Uptown Chicago SRO seeks $14M
1124 West Wilson Avenue and Essex Realty Group’s Jordan Gottlieb (Essex Realty Group, iStock, The Wilson Club)
A former Uptown Chicago single-room-occupancy building hit the market for $14 million after a full gut rehabilitation.
Chicago’s CityPads Construction is seeking to unload the 77-unit property at 1124 W. Wilson Avenue a year after completing the renovation, the Chicago Business Journal reported. The property, which served as an SRO for 80 years, also has ground-level retail space and has been dubbed the Wilson Club.
The building, whose studio apartments average about 330 square feet, is 100 percent occupied with rents ranging from $1,000 to $1,250 a month and a tenant will move into the 2,000-square-foot retail space this summer, according to Jordan Gottlieb with Essex Realty Group, who is representing the seller,
Uptown apartment rents are rising, Gottlieb told the outlet. “I am seeing a lot of investors wanting to buy property near commercial development, and there’s a lot of that going on in Uptown right now,” he said.
The multi-family remains strong. A local investor bought a 30-story residential building in Chicago’s South Loop from a Miami company in April for $67.5 million. The buyer, Rosemont-based 3L Real Estate, bought the 248-unit Astoria Tower property at Eight E. Ninth Street from Crescent Heights. The building was separated from the ground on which it sits: The ground was bought by Safehold for $15 million, giving the property a total valuation of almost $83 million.
Last month, a Skokie real estate investment firm and a Dallas firm teamed up to buy a South Loop apartment tower for $180 million. American Landmark Properties and Evergreen Residential agreed to buy Alta Roosevelt, the 34-story, 496-unit tower at 801 South Financial Place from Atlanta-based Wood Partners.
[CBJ] — Victoria Pruitt
