SOLD
Essex Realty Facilitates $12.4M Sale Of Boutique Multifamily Building In Chicago's River North
858 North Franklin Street
MultiFamily
2,500 SF
2,500 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
MultiFamily
2,500 sqft
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 858 N. Franklin Street in Chicago's River North neighborhood. The luxury boutique apartment building sold for $12,400,000, equating to over $539,000 per unit. Completed in 2015, this 23-unit property offers oversized one-, two-, and three-bedroom floorplans with an average unit size of 1,250 SF. The units feature high-end custom finishes, outdoor spaces, and two penthouse units with oversized terraces. Additional amenities include a private fitness center and a 21-car heated garage.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $12,400,000
- Address: 858 N. Franklin Street
- Market: River North, Chicago
Essex Principals Jim Darrow, Jordan Gottlieb, Steve Livaditis, and Director Matt Feo represented the buyer, a local investor, in this off-market transaction. Their expertise in the Chicago multifamily market enabled a successful sale of this exceptional property. The 23-unit luxury boutique building offers larger apartments and outdoor spaces, setting it apart from other newer construction properties. Located on the northwest corner of Franklin Street and Chestnut Street, the property is conveniently situated near the Chicago Avenue CTA Station and the proposed Moody Bible Institute Redevelopment Plan.
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Details
SOLD
IMAGE: Matt Feo, Jordan Gottlieb, Steve Livaditis & Jim Darrow
DATE: 12/03/2021
ADDRESS: 858 N. Franklin Street
MARKET: River North, Chicago
ASSET TYPE: Multifamily
BROKERS: Jim Darrow, Jordan Gottlieb, Steve Livaditis & Matt Feo (@Matt_Feo_Multifamily) - Essex Realty (@ChicagoMultifamily_EssexRealty)
SALE PRICE: $12,400,000
NOTE FROM BROKER: Essex Brokers Facilitate Sale of $12.4M.4 Boutique River North Multifamily Building for Over $539,000 Per Unit
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 858 N. Franklin Street, an exceptional luxury boutique apartment building located in Chicago’s popular River North neighborhood.
Essex Principals Jim Darrow, Jordan Gottlieb, Steve Livaditis and Director Matt Feo represented the buyer, a local investor, in this off-market transaction. The property sold for $12,400,000 which equates to over $539,000 per unit.
This 23-unit luxury boutique property was completed in 2015 and includes a 21-car heated garage. The building is comprised of oversized one-, two-, and three-bedroom floorplans with an average unit size of 1,250 SF, and the units feature high-end custom finishes. Most units include outdoor space while the two penthouse units include oversized terraces of up to 1,200 SF. Amenities included a private fitness center and heated indoor garage parking.
“The emphasis on larger apartments and outdoor space is what sets this apart from most other newer construction properties,” says Darrow. “At a time when most developers were focusing on building smaller apartments, this developer zagged and built a larger product most typically associated with condominiums.”
The property is situated on the northwest corner of Franklin Street and Chestnut Street, just two blocks north of the Chicago Avenue CTA Station with access to the Brown and Purple lines and adjacent to the proposed Moody Bible Institute Redevelopment Plan.View on map
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Address858 North Franklin Street
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