Rehabbed former Uptown Chicago SRO seeks $14M

Property consists of 77 micro-units and ground-level retail

1124 West Wilson Avenue and Essex Realty Group's Jordan Gottlieb (Essex Realty Group, iStock, The Wilson Club)
1124 West Wilson Avenue and Essex Realty Group's Jordan Gottlieb (Essex Realty Group, iStock, The Wilson Club)

A former Uptown Chicago single-room-occupancy building hit the market for $14 million after a full gut rehabilitation.

Chicago’s CityPads Construction is seeking to unload the 77-unit property at 1124 W. Wilson Avenue a year after completing the renovation, the Chicago Business Journal reported. The property, which served as an SRO for 80 years, also has ground-level retail space and has been dubbed the Wilson Club.

The building, whose studio apartments average about 330 square feet, is 100 percent occupied with rents ranging from $1,000 to $1,250 a month and a tenant will move into the 2,000-square-foot retail space this summer, according to Jordan Gottlieb with Essex Realty Group, who is representing the seller,

Uptown apartment rents are rising, Gottlieb told the outlet. “I am seeing a lot of investors wanting to buy property near commercial development, and there’s a lot of that going on in Uptown right now,” he said.

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The multi-family remains strong. A local investor bought a 30-story residential building in Chicago’s South Loop from a Miami company in April for $67.5 million. The buyer, Rosemont-based 3L Real Estate, bought the 248-unit Astoria Tower property at Eight E. Ninth Street from Crescent Heights. The building was separated from the ground on which it sits: The ground was bought by Safehold for $15 million, giving the property a total valuation of almost $83 million.

Last month, a Skokie real estate investment firm and a Dallas firm teamed up to buy a South Loop apartment tower for $180 million. American Landmark Properties and Evergreen Residential agreed to buy Alta Roosevelt, the 34-story, 496-unit tower at 801 South Financial Place from Atlanta-based Wood Partners.

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[CBJ] — Victoria Pruitt