Essex Realty Group, Inc. has facilitated the sale of 4954 N. Ridgeway Avenue in Chicago for approximately $3,850,000. The property was originally built as rental apartments, but redeveloped and converted into condominiums in 2007.
Steven Livaditis and Joe Scheck of Essex Realty Group exclusively listed for sale the 22-unit building located in the city’s Albany Park neighborhood. Essex Realty Group was able to procure multiple tours and offers on the property, and the entire building sold to a 1031-trade buyer that both Livaditis and Scheck had closed with in previous transactions.
All the units, common space, and shared tenant services were reconfigured at an investment cost of over $2 million by the developer. Units consisted of one and two-bedroom layouts with high-end finishes. Most of the condominium units were being leased in the rental market and most of the units were still owned by the developer. All the homeowners had agreed to enact Section 15 and proceed with the sale.