Essex Realty Group, Inc. has brokered the sale of 4400 N. Magnolia Avenue, a vintage, 36-unit, corner walk-up apartment building at the intersection of Magnolia and Montrose in the Sheridan Park submarket of the Uptown neighborhood in Chicago.
Uptown has recently become a highly desirable location for investors and apartment buildings of this size rarely trade hands in this market. The property was under contract within four weeks of marketing and closed eight weeks thereafter. The sale price was $5,750,000, approximately 97 percent of the initial asking price.
The sellers, a private real estate fund, hired Essex’ Joe Scheck and Steven Livaditis to exclusively represent them in the disposition of the asset. Essex procured over 20 property tours and several written offers. Essex’ Matt Feo represented the ultimate purchaser, a local real estate company.