Turnkey Edgewater Eight-Unit Sells at Record Price: 5731-5733 N. Winthrop Ave., Chicago, IL 60660
Sale at a Glance
This striking eight-unit modern apartment building at 5731-5733 N. Winthrop Ave. in Chicago’s Edgewater neighborhood sold to a California investor seeking a turnkey asset for his son to live in and manage. Brokered by Triton Realty Group LLC, the property achieved a record-setting price well above $400,000 per unit—topping the market for both per-unit and CAP rate at the time of sale. The transaction showcases the magnetic draw of new construction and sophisticated design in a vibrant, transit-accessible location, attracting both local and out-of-state buyers.
Sale Details
A premier Edgewater multifamily asset, this deal stands out for its exceptional pricing and cross-country appeal.
Buyer Profile: California-based investor, a doctor, purchased for his son to live in and manage locally.
Brokerage: Triton Realty Group LLC, led by President & Founder Matthew Fritzshall and SVP & Principal Harrison Cohen.
Seller Story: Repeat local investor who enhanced the asset with cosmetic upgrades after originally purchasing it through Triton, successfully repositioning for maximum resale value.
Financing Challenge: Out-of-state buyer required creative solutions to meet debt coverage and down payment needs; a local community bank provided tailored financing.
Record Price: Achieved a sale price exceeding $400,000 per unit, setting a new benchmark for the Edgewater area.
Property Highlights
A showcase of modern architecture and thoughtful design, the property delivers unmatched living and investment value.
Unit Mix: Two (2) 4 bed / 2 bath duplex-up penthouse units (each 2,000+ sq. ft.) with premier private roof decks; six (6) jumbo 3 bed / 2 bath apartments (each 1,500+ sq. ft.) with expansive 350 sq. ft. private patios.
Natural Light & Layouts: Floor-to-ceiling windows fill each apartment with sunlight; open-concept living and dining spaces cater to high-end tenant expectations.
Amenities: Each unit features large bedrooms, deep closets, private outdoor space, and is separately metered for utilities with central HVAC.
Parking: Twelve tandem parking spaces generate additional revenue and convenience.
Neighborhood Appeal: Walkable to the lakefront and CTA transit, with proximity to Loyola University and all the amenities of the Edgewater neighborhood.
Key Investment Features
This property’s forward-thinking design and location create outsized value for investors and residents alike.
Turnkey Asset: Immediate cash flow potential with minimal owner expenses due to modern construction and separate metering.
Architectural Distinction: Contemporary styling and high-quality finishes set it apart from typical Chicago multifamily stock.
Prime Edgewater Location: Appeals to both families and students, enhancing occupancy and rent growth prospects.
Stabilized Income: Fully re-tenanted at market rents after recent upgrades, maximizing revenue from day one.
Outdoor Living: Rare, large private patios and signature roof decks elevate tenant experience and support premium rents.
Market Strategy and Positioning
To command a record price in a competitive market, Triton Realty Group executed a nuanced marketing campaign targeting both local and out-of-state investors seeking modern, turnkey opportunities. Their deep familiarity with the asset—having sold it previously—enabled a compelling narrative about its value-add journey and Edgewater's growth. Overcoming financing hurdles for an out-of-market buyer, they sourced local community bank support to ensure a seamless closing. The result: a deal that set a new standard for Edgewater multifamily investments.
Client Testimonial
“Triton Realty Group has served as a key strategic partner for our firm over the last decade. We have successfully collaborated on numerous transactions, and they consistently deliver exceptional results. Whether assisting us in identifying exclusive, off-market opportunities for development projects or efficiently marketing and selling stabilized, repositioned assets, the Triton team is comprised of dedicated, skilled, and insightful professionals. The long-term success and trust built over this period underscore the value of our ongoing partnership.”— [Seller]
Frequently Asked Questions (FAQs)
This Edgewater eight-unit property drew attention for its modern design and premium price point. Here’s what clients often want to know:
Q: What made this property so attractive to an out-of-state buyer?
A: The building’s turnkey condition, prime location, and flexible living options—including the ability for the buyer’s son to live-in and manage—made it an ideal investment for someone new to the Chicago market.
Q: How did the property achieve such a high per-unit sale price?
A: Strategic cosmetic upgrades, premium layouts, and strong market demand for new construction in Edgewater allowed the seller to command a record-setting price.
Q: What role did the broker play in overcoming financing challenges?
A: Triton Realty Group secured a local community bank partner to help the out-of-state buyer meet lending requirements, ensuring a smooth transaction.
Q: How does the expanded unit mix support strong rental income?
A: With two large four-bedroom penthouses and six jumbo three-bedroom apartments, each with private outdoor spaces and high-end finishes, the building appeals to a wide tenant base, supporting premium rents and high occupancy.
Q: Why is Edgewater considered a strong investment market?
A: Its proximity to the lakefront, public transit, and Loyola University attracts both families and students, driving demand and rent growth.
Want to achieve results like this?
Contact President & Founder, Matthew Fritzshall at mattf@tritonrealtygroup.com, (847) 778-8746
or SVP & Principal, Harrison Cohen at harrison@tritonrealtygroup.com, (847) 624-6639 to discuss your property goals in Chicago.
