Jenel Management, which already owns several properties in Wicker Park and Bucktown, paid $5.8M for a former warehouse on Division Street and plans to redevelop the building into apartments.
The 28k SF space at 1714-1722 W Division is near Wicker Park's bustling entertainment district, and Jenel is confident it'll be able to find tenants for the 25 loft-style apartments planned for the building. Since it's near the Division Street Blue Line "L" station, it qualifies as a TOD and no parking is planned for the project.
Wicker Park is seeing an uptick in multifamily development of late. Last week, Sedgwick Properties broke ground on a five-story apartment building at 1545 W North that will contain 30 luxury apartments. Longtime residents have questioned whether the new developments, and the expensive rents they'll command, will price them out of the neighborhood. [DNA]
