1741 North Western, a 25-unit multifamily property located in Chicago’s Bucktown neighborhood, has been successfully sold by Greenstone Partners. The newly constructed property was purchased for $6.25 million at a rate of $250,000 per unit.
The building features 22 market-rate apartments and three affordable units with modern amenities such as quartz countertops, grey cabinetry, stainless steel appliances, separate HVAC systems, dishwashers and in-unit laundry. Other notable features include an elevator access to all floors of the building along with a gym and storage space for residents’ convenience.
Additionally,the rooftop deck offers stunning views of the city skyline along with seating areas for residents to enjoy. The buyer was drawn to the potential value-add opportunities through managerial improvements and cosmetic upgrades due to its prime location and low-basis entry point.
Greenstone Partners’ Senior Director Jordan Multack and Managing Partner Danny Spitz were responsible for generating over 30 tours which resulted in seven written offers from interested parties before ultimately procuring the final purchaser. This successful sale is another testament to Greenstone Partners’ expertise in real estate transactions within Chicago’s competitive market.
