A former Chicago Sears store was converted into 59 apartments. Four years later, it sold for nearly $29 million

The former Sears department store on Chicago’s North Side has changed hands for about $29 million. That was roughly four years after being transformed into a mixed use building with apartments and retail space.

It is located at 1900 W Lawrence Ave in the Ravenswood neighborhood. The property was redeveloped in 2021 to include 59 apartments and about 19000 square feet of retail space. Chicago based Bender Companies announced the purchase in December 2025 partnering with Denver based Walker & Dunlop Investment Partners. The transaction came after a foreclosure lawsuit involving the property, as per CoStar News.

Former Sears Store Became a Mixed-Use Property in 2021

The building originally housed Sears department store that permanently closed in 2016. Its redevelopment turned the former retail property into residential building with ground floor commercial space.


The project was completed in 2021 and created 59 rental apartments alongside the retail area. DeVry University’s Advantage Academy is among the tenants. The program allows Chicago Public Schools high school students to earn college credits through technology focused courses.

The four-story property sits at Lawrence and Wolcott avenues in Ravenswood.

Sale Followed a $32 Million Foreclosure Lawsuit

The property’s sale followed a foreclosure lawsuit filed by LoanCore Capital against CA Residential after the Chicago-based firm failed to repay a loan on the building.

As per CoStar report, the transaction at $29 million, based on online property records that described it as a sale in lieu of foreclosure and a later announcement from Cushman & Wakefield said the sale price was $28.45 million.

Bender Companies acquired building in partnership with Walker & Dunlop Investment Partners. The purchase was the fifth acquisition Bender announced for 2025.

Bender Companies Plans Improvements to the Building

The new owner plans to make exterior and interior upgrades, including adding a fitness space.

Mark Barnes, Bender’s vice president of investments said the company pursued the property because Ravenswood has a limited supply of newer, larger apartments. He also pointed to DeVry’s long standing partnership with Chicago Public Schools through Advantage Academy as an opportunity for company to engage with the community.

Chicago Area Multifamily Sales Reached $4.9 Billion in 2025

Acquisition reportedly came during strong year for multifamily property transactions in the Chicago area, CoStar data showed that combined multifamily sales reached $4.9 billion in 2025. Which was the highest annual volume since 2022 compared with $3.9 billion in 2024.

The former Sears building’s sale added to that activity, transferring ownership of a property that has served as both a department store and since its 2021 redevelopment, a combination of rental housing and retail space.