Property Address: 4431 N Racine & 4853 N Kenmore
Property Description: CRER Sells Two Value-Add Apartment Buildings in Uptown
4431 N Racine | $1,185,000 | 6 units
4853 N Kenmore | $600,000 | 5 units
Steven Rapoport with CRER was the listing broker in two apartment building transactions in the Uptown neighborhood of Chicago that closed this past week: 4431 N Racine (6 units) & 4853 N Kenmore (5 units). Nate Gautsche, also with CRER, represented the buyer of the building located at 4431 N Racine. The buyers for both properties will be completing extensive renovations in order to reposition the buildings as upscale rentals.
During the 1920s, Uptown was one of Chicago’s most vibrant entertainment, business, and shopping districts. Currently the neighborhood is booming as developers are attracted to the unique architecture, convenient location and culture offered by Uptown. This ongoing development is anticipated to create an economic boom in the community as the area returns to its roots as an entertainment district.
Recent and Ongoing Uptown Developments:
Uptown Theater Renovation: After 38 years of siting vacant, financing has been lined up for a $75 million dollar renovation of the Uptown Theater. The renovation project will commence this summer with an 18 month timeline for completion that will result in a new 5,800 seat venue.
The Double Door: One of Chicago’s most beloved music clubs is relocating from Wicker Park to Uptown. The venue will be located in the former Wilson Avenue Theater, an early 20th century vaudeville venue that opened at 1050 W. Wilson Avenue in 1908.
4753 N Broadway Ave: Micro-apartment developer Cedar Street Companies recently added the iconic Bridgeview Bank building to this long list of historic Uptown properties under ownership in April 2019.
TimeLine Theatre: The warehouse property at 5033-35 N Broadway is being converted into a theater building containing two spaces, a main-stage containing 250 seats and a second theater containing 150 seats.
The Draper at 5050 N. Broadway: The phase I of the development is anticipated to be completed in the summer of 2019 will contain 342 amenity-rich residential units. Phase II is expected to break ground in 2020 and will consist of up to 368 residential units.
The Lawrence House: The 13-story building containing 344 apartments located at 1020 W. Lawrence Ave recently underwent extensive renovations. The property now offers a unique blend of modern comfort and architectural charm.
The Wilson Red Line Stop: The city of Chicago recently invested $200 million to modernize the Wilson Avenue red line stop.
The Lawrence Red Line Stop: Lawrence Red Line station will be rebuilt to state of the art station with a planned completion of summer 2024.