Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $1.635-million sale of 921 W. Wilson Avenue, a six-unit multifamily property located in Chicago’s Uptown neighborhood. The property is located just a few blocks east from the newly renovated Wilson CTA station. The unit mix is comprised of two- and three-bedroom floorplans.
The seller, a local investor, hired the team of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd to exclusively market the property for sale. Within a two-week timeframe, Essex led an extensive marketing campaign resulting in more than 6 property tours. The property sold to a local developer approximately eight weeks later for $1,635,000, which equates to $272,500 per unit. Essex director Matt Feo represented the buyer.
“This was a unique offering. 921 W. Wilson Avenue is situated in a premium location in a rapidly transforming neighborhood. The buyer was attracted to this investment opportunity due to the great location, spacious apartment floorplans, extra-large lot size, and future redevelopment potential,” explains Feo.
Steinher adds, “Uptown’s transformation into a premier lakefront neighborhood is continuing to gain steam thanks to an influx of private and public investment. 921 W. Wilson Avenue presented investors with multiple value-add strategies in a quickly appreciating area close to the lake and public transportation.”