Essex Realty Group Facilitates $16.8M Sale Of The Plymouth Multifamily Building In South Loop, Chicago

The Plymouth, a turn of the century classic building in Chicago's South Loop, has been sold for $16.8 million. Located at 417 S Dearborn St, the multifamily property features 30 apartments and various common area spaces, including a rooftop club room and fitness center.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $16,875,000
• Address: 417 S Dearborn St
• Market: South Loop, Chicago

Jim Darrow, Jordan Gottlieb, and Matt Feo of Essex Realty represented both the seller and the buyer in the deal. The seller, LG Group, hired the Essex Realty team to exclusively market the property for sale, while Matt Feo represented the local investor who purchased the property.

The Plymouth is currently fully master leased by Sonder, Inc., a publicly traded international hospitality company. Sonder guarantees 100% occupancy and offers reduced operating costs, making it an attractive opportunity for the buyer. Sonder's market capitalization is over $1 billion, highlighting its success in the hospitality industry.

According to Jordan Gottlieb, the property was originally intended for student housing, but Sonder's master lease offer provided a stable income stream. Matt Feo praised Sonder's innovative model, which allows the buyer to enjoy above-average returns with passive management.