Giannis Antetokounmpo Again Sets Sights on Uptown Chicago

Ante, the family office representing NBA star Giannis Antetokounmpo, is acquiring a newly completed mixed-use development in Chicago’s Uptown neighborhood, his second in the area in recent months.

The New York-based investment firm paid $21 million for Portrait, a 59-unit apartment building at 948 West Sunnyside Avenue. The deal marks the firm’s second acquisition in the North Side neighborhood in recent months. Crain’s reported that public records and individuals familiar with the deal indicate the purchase follows the firm’s January acquisition of the nearby 56-unit, four-story Harmony Apartments at 4513 North Clark Street, also for about $21 million.

The Portrait property includes about 6,500 square feet of ground-floor retail space in addition to the apartments. The mix consists of studios, one-bedroom and two-bedroom units.

The retail component of the complex is currently 100 percent leased to a salon and a restaurant and event venue, according to the outlet.

Ante’s recent investment activity signals a continued focus on acquiring mid-sized multifamily buildings in the Midwest and New York City. The firm’s strategy appears to prioritize newly constructed mixed-use properties within established urban submarkets, according to the publication.

Chicago-based Essex Realty Group principal Jordan Gottlieb and managing director Rick Ofman represented the buyer in the deal.

The seller and developer, Chicago-based Mavrek, completed the property in 2023. Essex principals Kate Varde and Matt Feo represented Mavrek in the sale.

Mavrek CEO Adam Friedberg told the outlet that the firm identified Uptown as a neighborhood with genuine momentum and a specific need for high-quality housing. The project was designed to provide both residential density and activated street-level retail.

While Mavrek continues to hold a portfolio of mid-rise buildings on the North Side, the firm is also pursuing larger-scale projects downtown. These include the Saint Grand high-rise in Streeterville and an office-to-residential conversion at 65 East Wacker Place.

Total development costs for the Portrait project were not immediately available at the time of closing. Ante did not provide an official comment regarding its long-term plans.

— Eric Weilbacher