Newly Built Old Town Apartments Up For Sale
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The developers of a new six-story apartment building in Old Town are putting the building on the market, hoping to capitalize on increased investor interest in Chicago's outlying neighborhoods. JAB Real Estate retained Essex Realty Group to market The Northland, a 61-unit building at 1550 North Weiland.
JAB tore down a three-story building two years ago to make way for The Northland. The size and scale of the building allowed JAB to capitalize on demand from renters seeking to live close to downtown and River North, but in a smaller building. Old Town is near Lincoln Park, while the Sedgwick 'L' station three blocks west provides direct access to downtown.
The building is fully leased with rents ranging between $1,700/month for studio apartments and $3,100/month for a two-bedroom, two-bath unit. The property includes 2,150 SF of ground-level retail, leased long term to a restaurant.
Essex Realty's Jim Darrow and Jordan Gottlieb are marketing the property for JAB.