Two apartment buildings in Uptown Chicago were sold for $ 17 million, the area’s most expensive multi-family business in two years.
Local developer Mavrek Development sold The Mondrian, a 30-unit apartment building at 4714 North Sheridan Road, and a 20-unit rental property at 843 West Agatite Avenue, to an undisclosed buyer for approximately $ 338,000 per apartment. He is behind on the $ 22 million sale of a 160-unit multi-family building at 5101-23 North Sheridan Road in July 2019.
“Although historically Uptown has not been known for its luxury apartments, that has started to change in recent years as tenants look further north of the city and seek new construction communities in neighborhoods where buildings period are more typical, ”said Joe Smaza at Interra Realty. , who represented Mavrek.
The Chicago rental market has started to rebound. Median two-bedroom rents rose 8% in November from March 2020 to reach $ 1,409 in November. Tenants, mostly out of state, signed around 9,900 leases between April and June, the strongest quarter in more than 10 years, according to Marcus & Millichap.
Both properties are within a mile of CTA’s Wilson Red and Purple Line station. They are also within walking distance of Montrose Beach, Montrose Harbor and the Lakefront Trail.
Mavrek owns more than 10 residential properties and single-family homes in Chicago and has at least three multi-family development projects in the works, according to its website.