Essex Realty Group, Inc. facilitated the sale of The Grand Palmer Lodge, an adaptive reuse apartment building located at 3228 W. Palmer Street in Chicago’s Logan Square neighborhood. Completed in 2020, the project is a joint venture between Ranquist Development, New Era Chicago and Campbell Coyle.
Essex principals Jim Darrow and Jordan Gottlieb, with director Jordan Multack, were the brokers on the transaction. The buyers, a local investment group, purchased the property for approximately, $5,365,000.
“The buyers were attracted to the incredible quality of the renovation,” said Gottlieb, “plus it was a good time for them to take advantage of lower interest rates and receive a solid yield on a great asset.”
The 14 new apartments have been expertly curated and offer residents unique floor plans, historic character and bold, modern finishes in the heart of Chicago’s Logan Square neighborhood just steps away from Palmer Square. Each apartment features an open floor plan flooded by ample natural light from full-length oversized windows. The carefully restored exposed brick in each apartment is stunningly contrasted with new wide-plank natural oak flooring creating bright and airy living spaces accented by high ceilings with elevated open loft spaces.