Essex Realty Group has brokered the sale of several unique mid-market properties. The seven transactions, which included condo deconversions, multifamily and mixed-use properties, accounted for approximately $28 million.
The Essex team, including Steven Livaditis and Joe Scheck, successfully represented a record number of condominium associations in the sale and deconversion of condominium buildings in the past year and recently closed three separate deals. The first was a modern, walk-up-style property at 1244 W. Byron Street in the Lakeview neighborhood. The 21-unit structure sold to a 1031-trade buyer for a price of $6.4 million.
The Livaditis and Scheck team also brokered the sale—representing both the condo association and the purchaser—of a 41-unit condominium building at 4630 N. Beacon Street in Uptown. This property consisted of studio and one-bedroom units and sold within 30 days of marketing for $6,535,000.
In a third deconversion transaction, the team closed 1901 W. Bradley Place in Chicago’s North Center neighborhood for approximately $1,850,000. Essex represented both the seller, a private, long-term investor who owned and managed the 8-unit brick, walk-up property for over 25 years, and the purchaser, a local, private investor who owns other properties throughout Chicago.
The Essex team of Jim Darrow and Jordan Gottlieb brokered the sale of 7500 S. South Shore Drive, a 125-unit apartment building located in Chicago’s South Shore neighborhood. the apartment building sold to an out-of-state buyer for approximately $5,350,000. Essex generated 12 property tours and six offers, and the property went under contract after just 30 days on the market.
In Chicago’s West Ridge neighborhood, a 16-unit corner apartment building located at 6300-6304 N. Oakley Avenue/2306-2308 W. Rosemont Avenue closed for a sale price of approximately $1,810,000. Essex’s Abe Eilian represented the seller and Doug Imber, Kate Varde and Clay Maxfield represented the buyer on the transaction.
A 21-unit, mixed-use property in the Hermosa neighborhood at 4421 W. Fullerton Avenue/2349 N. Kenneth Avenue sold for $1,680,000 after Essex generated 20 property tours and nine offers, securing an all-cash buyer. The resulting sale of the property comprised of three street-level commercial spaces and 18 apartments closed just 20 days after contract execution by Jim Darrow and Jordan Gottlieb representing the sellers and Doug Fisher and Vic Ciancetta representing the buyers.
Finally, Essex brokered the sale of a mixed-use building at 4500 W. Fullerton Avenue, also in Hermosa. This 36-unit mixed-use property is currently comprised of four commercial spaces and an apartment mix of one-, two- and three-bedroom units. Essex’s Brian Kochendorfer and Brian Karmowski represented the seller and Vic Ciancetta represented the buyer on the transaction. The sale price was approximately $4,335,000.