Essex Realty Group, Inc. announced the sale of 3137 W. Wellington Avenue, a beautifully renovated, 12-unit apartment building on the corner of Wellington and Troy in Chicago’s Logan Square neighborhood.
In 2015 Essex Realty Group worked with the previous owner to sell the building for $1,600,000 to the current seller, JAB Real Estate. After an extensive renovation, the seller was able to completely transform the property into a prized apartment building. Today the purchaser, a local Chicago investor group, paid approximately $2,775,000 which equates to $231,250 per unit.
“The continued growth in Logan Square is remarkable and this property highlights a few of the reasons why Logan Square is so attractive to renters. The property at 3137 West Wellington, for example, is within a half mile walking distance from two CTA stations plus critically acclaimed restaurants and cocktail joints as well as local bars and breweries,” said Essex Realty Group Principal Jordan Gottlieb.
Essex Realty Group brokers managed both seller and buyer with Jim Darrow, Jordan Gottlieb and Jordan Multack representing the seller and Doug Imber, Kate Varde and Clay Maxfield representing the buyer.
This is the fourth Logan Square apartment building closed by Essex Realty Group, Inc. in the third quarter of 2019—1832 N. Humboldt Boulevard, 3049 N. Spaulding and 3332 W. Palmer Street closed as well. Essex Realty Group is a mid-market brokerage firm based in Chicago.