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The new owners of a West Town apartment building are looking to capitalize on renter demand in the neighborhood by more than doubling the building's apartment offerings. A joint venture of North Park Ventures partners Robert Sekula and Eric Turrin, CDT Realty President Chad Tepley and Next Realty acquired 1523 West Chicago Ave. for $3.45M, DNAInfo Chicago reports.
The building, which was built in 1864, houses six apartments and an empty restaurant storefront. The new owners want to bring in a restaurant while creating 15 one- and two-bedroom apartments from the existing units, ranging from 600 SF to 900 SF. It is a historic pre-Great Chicago Fire structure, so no changes will be made to the building's facade.
Construction of the new apartments is expected to begin next month, with a planned summer 2018 delivery. The legal nonconforming section of Chicago's building code will help in the speed to market of the apartments. And the success of newer, nearby apartment projects like Fifield Cos.' Luxe on Chicago have the new owners seeking to meet rising demand, while increasing yield.
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