Greenstone Partners is pleased to announce the successful sale of 1509 N. Western Avenue, a nineteen-unit mixed-use investment property located in Chicago’s highly sought-after Wicker Park neighborhood, for $7,500,000.
Built in 2018, the property consists of eighteen luxury apartment units and one ground-floor retail space, featuring modern finishes, elevator service, a rooftop deck, and eighteen indoor garage parking spaces. At the time of sale, the property was 100% occupied, providing investors with a stabilized asset in one of Chicago’s most dynamic urban neighborhoods.
Jordan Multack, Partner at greenstone partners, represented both the seller and buyer in the transaction.
“The property checked all the boxes today’s investors are looking for,” said Multack. “New construction multifamily opportunities in Wicker Park are extremely limited. Combined with the property’s strong occupancy, indoor parking, elevator access, rooftop deck, and the ability to continue growing rents, it generated significant interest from qualified buyers.”
While the transaction encountered several hurdles during the closing process, both buyer and seller worked collaboratively to navigate challenges and bring the deal to a successful conclusion.
“The deal required patience and persistence from both sides,” added Multack. “Ultimately, two highly sophisticated groups were able to work through the issues and execute a successful closing.”
The seller elected to capitalize on favorable market conditions and redeploy proceeds into new investment opportunities. The buyer was attracted to the property’s newer construction, prime Wicker Park location, and continued upside potential through future rent growth.
The sale reflects continued investor demand for high-quality multifamily assets in Wicker Park and surrounding urban neighborhoods. Buyers remain focused on both stabilized and value-add opportunities that offer strong fundamentals and long-term appreciation potential.
Located at the northeast corner of Western Avenue and Le Moyne Street, the property benefits from immediate access to neighborhood amenities, public transportation, and Wicker Park’s vibrant retail and dining corridors. The building features twelve two-bedroom/two-bathroom units, six one-bedroom/one-bathroom units, and approximately 1,700 square feet of retail space.
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