Essex Realty Group, Inc. facilitated the sale of 1637 and 1639 W. Huron Street, two adjacent multifamily properties in Chicago’s West Town neighborhood. The firm also brokered the sale of 9448 Washington Street, a 10-unit multifamily property located in the near north suburb of Niles, Illinois.
Essex was engaged to market the West Town properties for sale in July 2020. After conducting an extensive marketing campaign resulting in 16 property tours and six offers, the buildings were placed under contract after less than 30 days on the market.
The properties were purchased by a local investor for a combined total of approximately $2,320,000. Essex director Jordan Multack along with principals Jim Darrow and Jordan Gottlieb were the brokers on the transaction.
“The buyer was attracted to the opportunity to further improve each property by adding laundry in-unit and modernizing kitchens and baths to raise current rents to market level,” said Multack.
Both buildings have been meticulously maintained by the same owner for almost 30 years, providing the new investor with the opportunity to acquire two rarely available assets located steps apart. They both were gut-renovated in 2002 and feature kitchens with white and black appliances, laminate countertops and wood cabinetry. The properties feature separate HVAC, individual water heaters, on-site laundry, rear wooden decks, a shared patio and exterior parking spaces.
The Niles asset secured 13 property tours and five offers once Essex was engaged to market the property in late August 2020. After less than two and a half weeks on the market, the property closed approximately 60 days later for $1,010,000. Essex director Anthony Citriglia and managing director Brian Kochendorfer were the brokers on the transaction.
“The sellers are entrepreneurs with their hands in several different business and asset classes,” said Citriglia. “With today’s low-interest rates and buyer demand for real estate in Chicago’s north suburbs, the sellers felt the time was right to capitalize on the sale of Washington Street.”
The property was maintained by the same owner for almost 20 years. The building’s unit-mix consists of eight two-bed/1.5-bath, one two-bed/one-bath and one one-bed/one-bath apartment units with spacious floor plans. All units are in original condition and feature a mix of hardwood, carpet and tile flooring.
While the property is low maintenance as-is, a new owner has the opportunity to update the units and increase rents.