WICKER PARK — A new apartment building on the southeast corner of Honore and Division streets in Wicker Park was bought last week for $14.29 million by West Loop-based real estate investors, it was announced on Monday.
"We were looking to make an investment that we can cash flow for years to come," said Jonathan Saliterman, co-founder of Randolph Street Realty Capital on Monday.
Randolph Street Realty bought the 36-unit building on April 27 from Smithfield Properties for $14.295 million, Saliterman said.
Larry Gritton, an attorney for Smithfield Properties, confirmed the sale but declined to comment further.
Located at 1819 W. Division St., the apartments, named "1819 Lofts," welcomed the first wave of renters on Sunday and are expected to be fully leased by mid-July, Saliterman said.
Apartment rents range between $1,750 to $3,150 per month and the majority of the units are one-bedroom, according to the building floor plans. Shared amenities include a rooftop terrace, a fire pit and skyline views.
Construction on the 43,690-square-foot grey steel and glass building, designed by Berkelhamer Architects, began last spring.
The apartments are anchored by two 4,500-square-foot storefronts, according to a Mid-America Real Estate listing.
Saliterman said on Monday that the first floor retail tenants have not been secured yet, but negotiations are underway and the retail component of the development "will take nine to 12 months to come together."
Previously home to Miller Lumber, Smithfield Properties bought the former lumber yard at 1811-25 W. Division for $3.2 million in 2012.
An earlier plan to bring a Trader Joe's to the site was scrapped after months of discussion.
Saliterman said that his firm was attracted to buying the building because of its "quality construction" and "great location," just east of the Damen and Division intersection.
Headed by Saliterman and Robert Tanaka, Randolph Street Realty Capital also own an apartment building in Logan Square anchored by retail at 2000 N. Milwaukee Ave. that it bought for $4.2 million in 2014.
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