Essex Realty Group Closes $2.74 Million Sale of 12-Unit Multifamily Property in Rogers Park
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of 1706–1716 W. Farwell Avenue, a 12-unit multifamily apartment building in Chicago’s Rogers Park neighborhood. Essex Realty Group Principals Doug Imber and Kate Varde, along with Managing Director Rick Ofman, represented the seller. Meanwhile, Essex Principal Jim Darrow represented the purchaser, a California-based investor completing a 1031 exchange.
Transaction Summary
| Sale Price | $2,740,000 |
|---|---|
| Property | 1706–1716 W. Farwell Avenue |
| Neighborhood | Rogers Park |
| Property Type | Multifamily apartment building |
| Unit Count | 12 units |
| Representation | Seller and buyer representation by Essex Realty Group |
| Transaction Team |
Doug Imber, Principal
Kate Varde, Principal
Rick Ofman, Managing Director
Jim Darrow, Principal
|
Property Overview
The 12-unit apartment building at 1706–1716 W. Farwell Avenue underwent a complete renovation in 2013. The property features eight two-bedroom, two-bathroom apartments and four three-bedroom, three-bathroom duplex apartments.
In addition to the spacious unit layouts, residents benefit from a range of in-unit amenities. These include hardwood floors, granite countertops, stainless steel appliances, and in-unit laundry. Furthermore, each apartment features individual tenant-paid heating, ventilation, and air conditioning (HVAC), providing a separate utility arrangement for residents.
Broker Representation
Essex Realty Group Principals Doug Imber and Kate Varde, along with Managing Director Rick Ofman, represented the seller in the $2.74 million transaction. Additionally, Essex Principal Jim Darrow represented the buyer, a California-based 1031 exchange investor.
According to Managing Director Rick Ofman, the sale reflects continued investor interest in Rogers Park. The transaction also marks Essex Realty Group’s sixth apartment property sale in the neighborhood during the year.
“This is Essex’s sixth apartment property sale in the Rogers Park neighborhood just this year. The 1706 Farwell transaction reflects the continued strength of the neighborhood’s appeal to investors,” said Managing Director Rick Ofman.
Rogers Park Location and Neighborhood Amenities
Located in Chicago’s Rogers Park neighborhood, 1706–1716 W. Farwell Avenue offers convenient access to public transportation and neighborhood amenities. For commuters, nearby transit options include the Rogers Park Metra station and the Morse CTA Red Line station.
Additionally, the property is approximately 1.2 miles north of Loyola University Chicago. Residents can also access dining and retail destinations along the Clark Street, Sheridan Road, and Howard Street corridors within walking distance.
Together, these transportation connections, educational institutions, and neighborhood commercial districts contribute to Rogers Park’s appeal to renters and multifamily investors.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs.