Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of a 27-unit apartment building located in Chicago’s highly desirable neighborhood of Lincoln Park.
The property, located at 2500 N. Clybourn Ave., offered investors the opportunity to purchase a newer construction building with oversized apartments, outdoor space, and indoor parking. Many investors who toured the property were intrigued by the property’s thoughtful design choices and below-market rents.
The sellers hired Jordan Gottlieb and Matt Feo to market the property for sale. Essex’ extensive marketing campaign resulted in a dozen tours and multiple competitive offers. The property ultimately sold for $8,100,000 reflecting a 5.27% cap rate.
The location on the western end of Lincoln Park was also a strong selling point given its proximity to several public transportation outlets.
