Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced that it has completed the sale of a 34-unit apartment building in Chicago’s South Shore neighborhood.
The 34-unit building, located at 7748 S. Kingston Ave., consists of six large studio units, 19 one-bedroom units and nine two-bedroom units. The Essex South Side team directed by Brian Mond also represented the buyer, and the property sold for $2,152,500, a price that reflected a 9.2% cap rate.
The apartments feature hardwood floors throughout, and several of the building’s systems have been recently replaced including the water heater, boiler system, and new plumbing. The property sits within walking distance of Rainbow Beach and is located blocks away from the Cheltenham/79th Street and Windsor Park Metra stations.
