A former Sears store that was converted into apartments on Chicago’s North Side has sold for $29 million in a deal that resolves a foreclosure suit and adds to a busy year for multifamily transactions.
Chicago-based Bender Companies this week announced the purchase of the property at 1900 W. Lawrence Ave. in the Ravenswood neighborhood in partnership with Denver-based Walker & Dunlop Investment Partners.
The four-story property was converted from a former Sears department store to 59 apartments and about 19,000 square feet of retail about four years ago.
One tenant in the fully leased retail portion of the building is Devry University’s Advantage Academy, where Chicago Public Schools high school students can earn college credits in technology-focused courses.
Bender’s purchase adds to the highest volume of multifamily sales in the Chicago area since 2022, with $4.9 billion in combined sales so far this year, according to CoStar data. The full-year total in 2024 was $3.9 billion.
The property sold last week for $29 million, according to online property records, which described the deal as a sale in lieu of foreclosure.
That comes just over a year after The Real Deal Chicago reported that LoanCore Capital had filed a $32 million foreclosure against CA Residential after the Chicago-based firm failed to pay off a loan on the property.
LoanCore did not immediately respond to a request for comment from CoStar News. CA Residential, which teamed up with another local firm to redevelop the property, declined to comment.
“1900 Lawrence is a unique mixed-used property in one of Chicago’s most desirable neighborhoods,” Mark Barnes, vice president of investments for Bender, said in a statement. “The lack of new, larger apartment offerings in the Ravenswood neighborhood drove us to pursue this acquisition, and DeVry’s long-standing partnership with CPS through the award-winning Advantage Academy presents a new and exciting way for us to engage with the surrounding community.”
Bender plans to complete exterior and interior upgrades, including a new fitness space, according to the statement.
The property along Lawrence and Wolcott avenues is Bender’s fifth acquisition this year, the firm said in a statement.
Other deals this year have included a $75.25 million purchase of a 509-unit complex in Mount Prospect and a $75.8 million deal for a 550-unit complex in Hoffman Estates. Both of those deals in the northwest suburbs were joint ventures with Eastham Capital.