Cushman & Wakefield and JLL announced today that the commercial real estate services firms’ Self Storage Advisory Groups have represented Self Storage 1 in the sale of a two‑property, institutional‑quality self‑storage portfolio in Chicago to Etude Storage Capital.
Cushman & Wakefield’s Greg Wells, Mike Mele, Luke Elliott and Ross Bailey partnered with JLL’s Steve Mellon, Brian Somoza, Dan Reynolds and Tom Kirschbraun to represent the seller in the transaction.
The Chicago portfolio consists of two premier, Class A self‑storage facilities totaling approximately 150,216 square feet and 2,043 units, strategically located in two of Chicago’s most affluent and supply constrained neighborhoods, Lincoln Park/Bucktown and Wrigleyville/Lakeview.
“This transaction, involving some of the highest-quality self-storage properties in the Chicago market, highlights the continued investor appetite for well‑located, institutional self‑storage in major gateway cities,” said Wells, Cushman & Wakefield Executive Director.
“Chicago’s core neighborhoods continue to demonstrate durable demand supported by high incomes, renter density, and limited new supply. With strong in‑place cash flow, modern construction and exceptional long‑term demand drivers, the portfolio attracted significant institutional interest,” stated Mellon, JLL Senior Managing Director.
The portfolio offers immediate scale and operating efficiencies, along with upside through continued lease‑up, rental rate optimization, and unit mix refinement.
Located at 2001 N. Elston Avenue, the Lincoln Park asset encompasses approximately 86,618 net rentable square feet across 1,080 units. The facility features climate‑controlled units, 24‑hour video surveillance, electronic access control, elevator access, loading dock functionality and a retail‑oriented customer service office.
The property occupies a highly visible, signalized corner along N. Elston Avenue and W. Armitage Avenue, offering more than 375 feet of frontage and exposure to traffic counts exceeding 32,000 vehicles per day, with additional visibility from the nearby Kennedy Expressway.
The asset directly benefits from proximity to Foundry Park, a $1 billion mixed‑use redevelopment project that will deliver approximately 2,800 residential units, a 180‑key hotel, office and retail components, new infrastructure and public green space, further enhancing long‑term demand for self‑storage in the immediate area.
The second property, located at 3839 Sheffield Avenue, totals approximately 63,598 net rentable square feet, 963 units and offers climate‑controlled storage, modern security systems, electronic access control, elevator access and a retail‑oriented office layout.
Situated just two blocks from Wrigley Field, the property benefits from strong neighborhood identity, consistent foot traffic and dense multifamily and single‑family housing. The site features 275 feet of frontage along Sheffield Avenue at a heavily trafficked intersection and is surrounded by ongoing residential development, reinforcing demand fundamentals.
The assets are positioned in core, urban infill locations characterized by dense populations, above‑average household incomes and high barriers to entry that limit future competitive supply. Across the portfolio, the average three‑mile population exceeds 480,000 residents, with average household incomes above $164,000, underscoring the strength of the underlying submarkets.
