Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 6928 N. Wayne Avenue, a 50-unit apartment building located in Chicago’s Rogers Park neighborhood.
A local investor hired the Essex team of Doug Imber, Kate Varde, Jaimie Steinher, Dan Shepherd, and Rick Ofman to exclusively market the property for sale. Within less than two weeks, the property went under contract and ultimately closed at a sale price of $5,950,000, which reflects a 5.5% cap rate and GRM of 11.08.
The property is prominently situated on Wayne Avenue, one block from the Morse Avenue L Station and two blocks from Lake Michigan. The property, known as Wayne Senior Apartments, provides affordable housing to residents aged 55 and older. The building is comprised of 32 studio and 18 one-bedroom apartments. The parcel also included a 30-space parking lot. Imber and Varde also represented the buyer.