Essex Realty Group Inc. recently facilitated the sale of a two-building portfolio consisting of 4600 N. Lincoln Ave. and 2600 W. Montrose Ave. The buildings consist of 27 and 26 units, respectively.
The seller hired Doug Imber and Kate Varde to market the properties for sale. Alongside Directors Jaimie Steinher, Dan Shepherd and Rick Ofman, the team conducted a dozen tours and fielded several competitive offers. The portfolio closed at a sale price of $13,000,000, which reflects a 5.14% cap rate and GRM of 11.75.
4600 N. Lincoln Ave., a 27-unit mixed-use property consists of studio, one and two-bedroom apartments plus three commercial spaces. The primary commercial space is occupied by the restaurant Fork. 2600 W. Montrose Ave. features a similar unit mix consisting primarily of studio and one-bedroom apartments.
