T
he Wirtz family has recently sold a 139-unit apartment complex in Lakeview for $22.5 million to Chicago-based FMA Properties, which secured an $18.2 million loan from Greystone. This transaction is noteworthy as it is part of the Wirtz family's recent focus on larger developments and marks a departure from their previous tendency to avoid property sales. Although relatively modest in comparison to their other holdings, this sale is significant given the family's extensive real estate portfolio.

    The Wirtz family has been involved in real estate for over a century and has a diversified portfolio that extends beyond sports. Wirtz Corp., founded in 1926, has roots in real estate and liquor distribution, with the latter now operating as Breakthru Beverage Group, one of the largest companies in the U.S.

    The Wirtz family, known for owning the NHL's Blackhawks, has announced plans for a massive $7 billion mixed-use development project called "The 1901 Project" in partnership with the Reinsdorf family, owners of the Chicago Bulls. This project aims to transform 55 acres around both teams' home United Center arena into a sprawling development featuring approximately 5,000 residential units, a music hall, hotel rooms, retail spaces, restaurants, and new green spaces.

    The sale of the Lakeview property does not seem to be connected to the 1901 Project, according to Wirtz Realty Senior Vice President Don Vitek. Despite this sale, Wirtz Realty still holds significant real estate assets in Chicago, including other multifamily buildings in Lakeview, which is home to Wrigley Field.

    The recently sold Cornelia Stratford complex remains nearly 98 percent leased, reflecting strong demand in the area. Montana, who helped market the property, noted that its location near Belmont Harbor and a variety of unit sizes were lures for bidders, even amid a broader market slowdown due to rising interest rates.