Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $1.5 million sale of 1320 N. Wicker Park Avenue, a six-unit multifamily property located in Chicago’s vibrant Wicker Park neighborhood.
Essex Principal Steve Livaditis and Director Jacob Goldstein were retained to exclusively market this property for sale on behalf of a local investor. The Essex team completed an extensive marketing campaign resulting in 16 property tours. After receiving multiple offers the property was under contract within four weeks of marketing. Essex Principal Jordan Gottlieb represented the buyer, a local investor, who purchased the property for approximately $1,575,000.
“It was a pleasure representing the seller of this property and I congratulate everyone involved in this recent sale,” said Goldstein. He continued, “Investors were drawn to this investment opportunity due to the great location and potential upside stemming from multiple value-add opportunities.”
This Wicker Park apartment property has been under the same ownership for over 30 years and has been meticulously maintained during its tenure. The unit mix is comprised of one- and two-bedroom floorplans. The apartments feature hardwood flooring throughout accompanied by various levels of updates to the kitchens and bathrooms as apartments have turned over throughout the years. The property benefits from the neighborhood’s low vacancy rates, rising rents, close proximity to public transportation, nightlife, and schools.