The property involved in the transaction is Luxe on Chicago, located at 1838 W Chicago Ave, Chicago, IL 606. This mixed-use asset encompasses 59 residential units with a mix of floorplans ranging from studio to three-bedroom, alongside approximately 14,000 square feet of retail space. The community was completed in 2016 and was reported to be 92 percent occupied at the time of sale.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $525,000 per unit
• Market: Chicago
• Seller's Representative: Jason Stevens (Walker & Dunlop)
• Buyer: Unknown
• Seller: Fifield Cos.
• Units: 59
• Affordable Units: 4
• Retail Space: Approximately 14,000 square feet
• Completion Year: 2016
• Occupancy Rate at Sale: 92%

The transaction was brokered by Cushman & Wakefield’s Midwest Multifamily Advisory Group, where Managing Directors Jason Stevens and Todd Stofflet represented the seller and developer, Fifield Cos. The property became subject to a $22.2 million CMBS loan in 2017, held by U.S. Bank. Recently, Fifield Cos. has expanded its luxury portfolio by breaking ground on a new 188-unit community located in Chicago’s River West neighborhood.