Essex Realty Group, Inc. brokered the sale of 640 and 656 W. Wrightwood Avenue, a pair of vintage elevator buildings located in Chicago’s Lincoln Park neighborhood. These multifamily buildings have been owned by the same entities for more than 50 years.
Essex president Doug Imber, principal Kate Varde, and directors Clay Maxfield and Jaimie Steinher represented the sellers in this transaction. This Essex team conducted an extensive marketing campaign resulting in 38 property tours and 20 offers.
The 52-unit 640 W. Wrightwood Avenue was purchased by a local investor for approximately $5,900,000, which equates to $113,462 per unit. The 55-unit 656 W. Wrightwood Avenue sold to another local investor for approximately $8,555,000, which equates to $155,545 per unit. Essex principals Jim Darrow and Jordan Gottlieb, and director Jordan Multack represented both buyers.
“Each buyer recognized the opportunity to purchase value-add properties with over 50 units each in the heart of Lincoln Park as a once in a generation acquisition,” said Darrow.
The vintage, corridor-style elevator buildings are situated just steps apart on Wrightwood Avenue. The units feature older finishes including carpet and vinyl flooring, and kitchens with white appliances, laminate countertops, and wood cabinetry. Both buildings are conveniently located approximately 0.5 miles to both the Fullerton and Diversey CTA Stations and just a few minutes walking distance from Lincoln Park and the beautiful lakefront.