Essex Realty Group recently arranged the sales of two multifamily properties in Chicago. The separate transactions involved one property in the South Shore neighborhood and another in the North Park neighborhood.
In the first transaction, a 15-unit multifamily property sold at 7900 S. Merrill Avenue. This is the third South Shore apartment building Essex Realty Group has sold during the month of October. Earlier this month, the 34-unit 7748 S. Kingston Avenue and 18-unit 7400 S. Chappel Avenue each closed.
“Chicago’s South Shore neighborhood is one of the 10 communities selected as part of the new INVEST South/West campaign to invest funds into specific retail corridors throughout a few south and west side communities. 7900 S. Merrill Avenue sits directly along the 79th Street corridor in South Shore and will likely benefit from this improvement initiative,” said Essex director Brian Mond.
Mond and Essex director Abe Eilian represented the seller in this transaction. The buyer, an out of state investor, purchased the property for approximately $825,000 which equates to $58,333 per unit.
7900 S. Merrill Avenue features 15 two-bed/one-bath apartments. In recent years, five of the 15 units were renovated leaving significant value-add potential for the next investor who can continue to renovate the remaining units.
On the North Side, 5324-5326 N. Kimball Avenue sold to a local investor for approximately $1,650,000. That equates to $126,923 per unit for the 13-unit brick multifamily asset.
“We brought this property to market in the beginning of June and generated more than 30 property tours to local investors. Despite everything going on in the market, investors are still seeking well-located assets and great investment opportunities,” said Essex principal Steve Livaditis. Livaditis and Essex director Matt Feo represented the seller in this transaction
5324-5326 N. Kimball Avenue features ten one-bed/one-bath units and three two-bed/one-bath units. In recent years, three of the thirteen units were extensively renovated leaving significant value-add potential for the next investor as they continue to renovate the remaining units.