Essex Realty Group closed the sale of 1553 North Wells Street, a new construction mixed-use property located in Chicago’s Old Town neighborhood.
The 23-unit building with retail, constructed in 2019, sold for $15.7 million. Principals Jim Darrow and Jordan Gottlieb, along with Director Brian Keegan, facilitated the transaction, representing both the seller and buyer. Essex and Jim Darrow conducted an extensive national marketing campaign that ultimately identified an out-of-state 1031 exchange buyer.
Located along the highly coveted Wells Street corridor, 1553 North Wells Street offers luxury apartments with amenities including in-unit laundry, designer kitchens and baths, and private outdoor balconies. The building also includes a ground-floor retail space currently occupied by Philz Coffee.
The property’s location offers Old Town’s extensive dining, shopping, and entertainment options. With Lincoln Park and Lake Michigan just two blocks to the east, and proximity to the Sedgwick Brown/Purple Line station, as well as multiple CTA bus routes, the building offers excellent transit connectivity and walkability.
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