Essex Realty Group Closes Sale of $20M Andersonville Mixed-Use Asset
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of 5154 N. Clark Street, a 91-unit mixed-use property located at the prominent intersection of Clark Street, Foster Avenue, and Ashland Avenue in Chicago’s Andersonville neighborhood. The property had been held by the same ownership for more than 40 years.
Essex Realty Group Principal Brian Karmowski exclusively represented the seller in the transaction. Principal Matt Feo and Managing Director Rick Ofman represented the buyer.
Transaction Summary
| Sale Price | $20,000,000 |
|---|---|
| Property | 5154 N. Clark Street |
| Neighborhood | Andersonville |
| Property Type | Mixed-use |
| Unit Count | 91 total units, including 81 residential units and 10 retail and restaurant spaces |
| Representation | Seller and buyer representation by Essex Realty Group |
| Transaction Team |
Brian Karmowski, Principal – Seller Representation
Matt Feo, Principal – Buyer Representation
Rick Ofman, Managing Director – Buyer Representation
|
Property Overview
Located at the intersection of Clark Street, Foster Avenue, and Ashland Avenue, 5154 N. Clark Street is a mixed-use asset totaling approximately 63,800 square feet. The property includes 81 residential units and 10 first-floor retail and restaurant spaces.
The property had remained under the same ownership for more than 40 years. Several recent capital improvements enhanced the asset, including a new electric service, a modernized elevator system, newer windows, and a newer boiler.
Value-Add Investment Opportunity
Despite its established presence in Andersonville, the property offered significant embedded upside. Residential rents were approximately 40% to 60% below market, creating an opportunity to increase rental income over time.
The retail component also offered additional potential for revenue growth, giving the buyer multiple avenues to pursue value creation across the property.
Broker Representation
Essex Realty Group Principal Brian Karmowski exclusively represented the seller, while Principal Matt Feo and Managing Director Rick Ofman represented the buyer in the $20 million transaction.
Quote from Brian Karmowski
“Spanning an entire city block, 5154 Clark is a staple in the Andersonville community with a rich history dating back to the 1920s. We were honored to be awarded the assignment and delivered significant results for the seller. Essex procured over 25 tours and several offers in just three weeks of marketing, a testament to the Essex platform,” said Principal Brian Karmowski.
Andersonville Location and Neighborhood Amenities
Located along Andersonville’s vibrant Clark Street corridor, 5154 N. Clark Street is surrounded by independent restaurants, retailers, and neighborhood amenities. Its prominent location places the property within an established commercial district known for its locally owned businesses and walkable streetscape.
The property also benefits from convenient public transportation access. The CTA Red Line stations at Berwyn, Argyle, and Bryn Mawr are all within a short walk, while the Ravenswood Metra station provides another regional transit option.
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 or mixed-use 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.</p