Andersonville Multifamily Sale Sets Per-Unit Pricing Record
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1420 & 1426 West Winnemac Avenue, a twelve-unit multifamily portfolio in Chicago’s popular Andersonville neighborhood.
A local investor hired a multifamily team led by Steven Livaditis and Brian Karmowski to exclusively market the properties for sale. Within a three-week timeframe, Essex led an extensive marketing campaign resulting in multiple offers, and ultimately sold to a local investor for $4,500,000, the highest price per unit sale for a non-renovated building in Andersonville.
The Winnemac properties comprised of two adjacent center entrance six-flats buildings. These impressive-sized two-bedroom / two-bath units averaged nearly 1,300SF, and featured formal dining rooms and oversized family rooms with sunrooms. Additionally, there are eight parking spaces at the rear of the buildings. One of the most appealing aspects of this offering is that the property had been previously up-zoned to RM-5 zoning and sits within the ADU Pilot Program Zone, allowing for the potential to add four additional units to the properties.
“This was a rare offering with multiple investment strategies for a new owner, and I couldn’t have been happier to have sold it to a repeat client. The is a phenomenal pocket of Andersonville, and there is such a limited supply of housing and inventory that demand is off the charts for these units,” explained Essex principal Steven Livaditis.Read Full Article at Connect CRE