Essex Realty Facilitates $12.4M Sale Of Boutique Multifamily Building In Chicago's River North

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.