Essex Realty Group facilitated the sale of 5045 N. Northwest Highway, a 12-unit walk-up apartment building located in Chicago’s Jefferson Park neighborhood.
“Built in 2008, this property was originally designed for condominiums. While the property now features 12 apartment units, the developer spared no expense with the quality of construction,” said Essex director, Matt Feo. Feo and Essex principal, Steven Livaditis, teamed up to represent the seller, a local investor, in this transaction.
The asset presented the opportunity to acquire a well-positioned apartment building in an irreplaceable location with stable cash flow and additional upside. The apartment units were all two-bedroom/two-bathroom units and seven had been recently renovated to condo-like finishes. During the marketing process, Essex generated 13 showings and multiple offers to purchase the property.
The buyer, a local investor, purchased the Jefferson Park property for approximately $2,575,000 which equates to $214,583 per unit. Essex director, Jordan Multack, represented the buyer in this transaction.
“The buyer is a long-term investor who loves the neighborhood and recognized the rare opportunity to purchase such a high-quality asset in Jefferson Park,” said Multack.