Former Ravenswood Sears Sold for $28.45 Million

The mixed-use property at 1900 W Lawrence Ave was acquired by Bender Companies following a foreclosure lawsuit.

Updated on Oct. 14, 2026 in Commercial

Former Ravenswood Sears Sold for $28.45 Million

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In December 2025, Bender Companies and Walker & Dunlop Investment Partners purchased the former Sears building in Ravenswood for $28.45 million. The transaction serves as a sale in lieu of foreclosure following a lawsuit against CA Residential.

Why it matters

The sale highlights the ongoing evolution of vacant big-box retail space into residential housing. Bender Companies pursued the site due to the limited supply of newer, larger apartment offerings currently available in the Ravenswood neighborhood.

The property includes 59 apartments and 19,000 square feet of retail space. The acquisition followed a $32 million foreclosure lawsuit.

The players

Bender Companies

A real estate investment firm that acquires and manages residential and mixed-use properties.

Walker & Dunlop Investment Partners

A capital investment firm specializing in financing and ownership of commercial real estate assets.

CA Residential

The previous owner and developer that faced a foreclosure lawsuit regarding the building.

The details

The site was redeveloped into a mixed-use facility in 2021 after the original Sears department store closed in 2016. Bender Companies acquired the building to address demand for modern rental units in the area. The new ownership team plans to implement both interior and exterior upgrades, including the construction of a new fitness space for residents.

2016: Sears permanently closed the department store.
2021: The building was redeveloped into a mixed-use property.
2024: Chicago area multifamily sales totaled $3.9 billion.
December 2025: Bender Companies announced the acquisition.

The Home Front

This acquisition represents part of a broader shift in Chicago, where 2025 multifamily sales volume reached $4.9 billion, the highest level recorded since 2022. The deal underscores the trend of repurposing former retail footprints to meet the persistent demand for apartment housing.

If you are a tenant in this complex, monitor building management communications regarding the timing of upcoming fitness center construction. Residents should ensure they have updated contact information on file with the new management team for any future interior unit maintenance.

The takeaway

Large-scale retail conversions require tracking local property management changes to understand upcoming amenity improvements. Residents can stay informed by checking property-specific portal notices for updates on the planned building upgrades.