CBRE Arranges Sale of New Construction Luxury Apartments

CBRE has arranged the sale of 516 W Arlington, an 8-story, 14-unit multifamily property in the Lincoln Park neighborhood of Chicago, co-developed in a partnership between Contemporary Concepts and Esteep, LLC, 518 Arlington Place LLC sold the property to Highland Real Estate Partners LLC. for $ 10,350,000 in a transaction that closed April 28, 2025. The transaction set a record for price per unit in Lincoln Park at $739,000.

CBRE’s Justin Ross and Danny Byrne represented the seller in the transaction.

"Lincoln Park's low supply of developable sites has insulated the area from the new construction,” said Ross. “Limited new supply has translated into stronger performance metrics across the board with better absorption, higher retention rates, and consistent rent growth that made this multifamily asset particularly attractive to investors, only lasting sixteen days on the market."

Built in 2022, 516 W Arlington is fully occupied and includes a rooftop deck, private garage parking, and private balconies. The property benefits from a premier location close to the major intersections of Halsted St, Lincoln Ave, and Fullerton Ave, some of the most bustling and vibrant corridors in the entire city.