Essex Realty Group has wrapped up the sale of a six-story mixed-use building at 1553 North Wells Street in Chicago’s Old Town, with the deal reportedly landing at about $15.7 million, often rounded to $16 million in early write-ups. The boutique property, finished in 2019, stacks 23 luxury apartments above street-level retail. The buyer was described as an out-of-state 1031 exchange investor, a move that highlights how private buyers are still hunting for well-located Chicago assets.
Deal details and broker roles
According to ConnectCRE, Essex principals Jim Darrow and Jordan Gottlieb, along with Director Brian Keegan, took the assignment and represented both sides of the transaction. Their team ran a national marketing campaign that surfaced the out-of-state 1031 exchange buyer who ultimately closed on the building. The coverage frames the sale as one more eye-catching trade along Wells Street.
Property features and tenant mix
The Old Town Collection’s six stories hold 23 units, each with designer kitchens, in-unit laundry, and private outdoor balconies, along with a ground-floor retail slot leased to Philz Coffee, according to the building’s promotional materials. LoopNet records the property as a 2019 build and highlights amenities that include a dog run, elevator, and garage parking. That package, paired with reported full occupancy, helped frame the asset as a stabilized, cash-flow play in a highly walkable neighborhood.
Where this sale fits in the market
Chicago’s multifamily metrics have remained relatively tight in 2025, with low vacancy and steady rent growth that continue to draw private capital and exchange buyers toward well-situated buildings. Regional reporting points to mid-6% cap rates on core, well-leased assets and a slowdown in new construction that is keeping new supply in check. In that context, a compact, amenity-loaded Old Town property with a credit tenant on the ground floor was primed to attract out-of-state money.
Price and marketing notes
Marketing materials pegged the asking price near $16 million with a pro forma cap rate in the low-6% range, according to the LoopNet offering brochure. ConnectCRE reported that the final sale price came in around $15.7 million. The spread from ask to close underscores the negotiation room that can still exist when a property is broadly marketed and backed by strong tenancy.
For brokers and neighborhood owners, the deal underlines continued appetite for smaller, fully leased multifamily properties near the lakefront and rapid-transit stops. Market commentary indicates that private capital and 1031 buyers remain very much in the game for Chicago multifamily trades in the $5 million to $20 million range, leaving realistic sellers with a viable path to liquidity. CREConsult commentary backs up that read on steady investor interest across the metro.
