Cushman & Wakefield’s Midwest multifamily advisory group has brokered the sale of LUXE on Chicago, located at 1838 W. Chicago in the trendy West Town neighborhood. The recently developed, mixed-use multifamily property is home to 59 apartments and 13,979 square feet of ground-floor retail space.
Jason Stevens and Todd Stofflet of Cushman & Wakefield represented Fifield Companies in their sale to a private, international investor. The fully amenitized asset, which includes studios, one-, two- and three-bedroom units, was 92 percent occupied at the time of sale. The building was completed by Fifield Companies in 2016 and is one of the few Class A assets in West Town.
“We were very excited to represent such an iconic developer in Chicago,” said Stofflet. “The unique execution included an international buyer and an assumption of agency financing.”
Terms of the deal were not disclosed, however the price per unit for the asset was around $525,000—one of the top sales prices in the neighborhood. Cushman & Wakefield’s Multifamily group is wrapping up a marketing campaign on a similar mixed-use, Class A property at nearby 1313 W. Randolph in the West Loop’s Fulton Market District.