Essex Realty Group, Inc., a mid-market brokerage firm based in Chicago, brokered the sale of 1832-1842 N. Humboldt Boulevard, a beautifully renovated, 45-unit courtyard apartment building in the heart of Logan Square.
In 2013 Essex Realty Group worked with the previous owner to sell the building for $4,775,000 to the current seller. After an extensive renovation of the property the seller was able to completely transform the property into a highly prized asset on historic Humboldt Boulevard. Today the purchaser, Kotick Investments LLC, a local Chicago investor group, paid approximately $8,835,000 which equates to $196,333 per unit.
“It is extremely rare for a courtyard building on the historic boulevards in Logan Square to be brought to market. The buyer was attracted to the prime location on Humboldt Boulevard and recently renovated units,” said Essex Realty Group director Jordan Multack.
American Street Capital’s Igor Zhizhin arranged a $7.06 million dollar bridge loan with a correspondent agency lender for this transaction. Essex Realty Group’s team managed both seller and buyer with Doug Imber, Kate Varde, and Clay Maxfield representing the seller, and Jim Darrow, Jordan Gottlieb and Multack represented the buyer. This is the third Logan Square apartment building closed by Essex Realty Group, Inc. in the last 30 days; 3049 N. Spaulding Avenue and 3332 W. Palmer Street closed at the end of October 2019.