Greenstone Partners has announced the successful sale of a multifamily property located at 1151 West Erie Street, situated on the border of Chicago’s West Town and Fulton Market neighborhoods. The nine-unit property was sold for $2.35 million, translating to $258,333 per unit.
The transaction drew immediate interest, with the property going under contract within the first week of marketing. The buyers, two investors utilizing a 1031 exchange, were attracted by the location’s strong fundamentals, the property’s distinctive unit layouts, rooftop deck, on-site parking, and its proximity to both Fulton Market and nearby highway access.
Jordan Multack, Senior Director at Greenstone Partners, represented both the sellers—a Chicago-based private investor group—and the buyers, also based in Chicago.
According to the firm, the buyers plan to add further value by increasing rents and taking advantage of the building’s turnkey condition and desirable amenities. Greenstone Partners continues to focus on middle-market commercial real estate transactions throughout the greater Chicagoland area.
