Cushman & Wakefield Represents Fifield Cos. in Chicago Deal
Jason Stevens and Todd Stofflet arranged the sale of Luxe on Chicago and secured one of the highest per-unit prices in the city’s West Town neighborhood.
Cushman & Wakefield’s Midwest Multifamily Advisory Group has brokered the sale of Luxe on Chicago, a mixed-use property in Chicago’s West Town neighborhood. Managing Directors Jason Stevens and Todd Stofflet represented the seller and developer, Fifield Cos. According to the team, they secured one of the highest prices per unit in the neighborhood, at $525,000.
The property is located at 1838 W. Chicago Ave. and is one of the few high-end multifamily assets in the area. Luxe on Chicago encompasses 59 units, four of which are affordable, and approximately 14,000 square feet of ground-floor retail space. Apartments feature studio- and one- to three-bedroom floorplans ranging from 560 to 1,420 square feet. Amenities include a resident lobby and lounge, business center, fitness center, rooftop terrace and media room.
Completed in 2016, the Greystar-managed community was 92 percent occupied at the time of sale. Per Yardi Matrix data, in 2017 the property became subject to a $22.2 million CMBS loan, held by U.S. Bank.
Fifield Cos.’ Chicago luxury portfolio has recently expanded as the company broke ground on 740 Aberdeen. The 188-unit community is located in Chicago’s River West neighborhood and is slated for completion in 2020.