Two apartment buildings in Uptown Chicago sold for $17 million, the priciest area multifamily trade 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 about $338,000 per apartment. It lags the $22 million sale of a 160-unit multifamily at 5101-23 North Sheridan Road in July 2019.
“While Uptown historically hasn’t been known for luxury apartments, that’s started to change in recent years as renters look farther north in the city and seek new-construction communities in neighborhoods where vintage buildings are more typical,” said Joe Smaza at Interra Realty, which represented Mavrek.
Chicago’s rental market has started to rebound. Median two-bedroom rents rose 8 percent in November from March 2020 to $1,409 in November. Renters, mostly from out of state, signed about 9,900 leases between April and June, the strongest quarter in more than 10 years, according to Marcus & Millichap.
Both properties are less than a half mile from the CTA’s Wilson Red and Purple Line station.They are also within walking distance to 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 multifamily development projects in the pipeline, according to its website.