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Mickelson brothers pay $24M for 168 condos in South Side resi complex
Jon and Julian Mickelson’s acquisition of the units in the fractured condo complex adds to their South Side portfolio
Brothers Jon and Julian Mickelson paid $23.5 million for 168 units in a fractured Bronzeville condo complex, adding to their South Side portfolio.
The brothers bought the building at 606 East Woodland Park Avenue on Feb. 8, Cook County property records show. The deal was financed with a $22.7 million loan from Heartland Bank & Trust Company.
Selling the units at the Woodland Park Apartments was The Luzzatto Company, which paid $7 million in 2010 for 168 of the complex’s 240 units, records show. Luzzatto bought the units from an entity tied to Bank of America, which took control of the former condo complex after a majority of them failed to sell.
Luzzatto took out a $10 million loan to acquire the units in 2010 and then renovated them, according to a press release from the time.
The deal marks the latest acquisition for Jon and Julian Mickelson, whose South Side Stories began investing in the Bronzeville area in 2007, according to their website.
The brothers have been investing in Chicago properties since the 1980s but recently turned their attention to the South Side, where they live, according to their website. They own a number of multifamily buildings in the area.
Julian Mickelson did not respond to requests for comment for this story.
The complex is not far from the Michael Reese hospital site, where Farpoint Development is leading a team to redevelop the Near South Side property into the city’s next mega-development. Still just a proposal, the development is already attracting renewed interest among developers and investors in nearby neighborhoods like Bronzeville.