With Multiple Offers, Essex Closes on 15-Unit, Multi-Family Apartment Building in Chicago’s Albany Park Neighborhood

Chicago Multifamily Transaction Overview

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced that it closed on the sale of a 15-unit apartment building in Albany Park, a highly desirable neighborhood on Chicago’s Northwest side. Brokers for the sale were Doug Imber, Kate Varde, and Rick Ofman.

Prime Location in Albany Park

Neighborhood Appeal for Investors

The 15-unit building, located at 4855 N. Sawyer Avenue, sits on the southeast corner of Sawyer Avenue and Ainslie Street in Albany Park, just two blocks from North Park University. The building sold for $1.8 million, the original listing price.

Essex Realty Group’s Role in the Transaction

“This sale illustrates both the strength and efficiency of the multifamily market on the North Side today. We conducted nearly 30 property tours in two days, resulting in 15 offers,” reflected Ofman. “While neighborhoods like Fulton Market and Lincoln Park often receive more media, the demand for naturally occurring affordable housing and the yields investors can derive continues to make neighborhoods like Albany Park incredibly attractive by comparison.”

Transit and Accessibility

The sale of the building generated excitement among real estate investors due to its upside potential after renovations, the thriving community in Albany Park, and its astute pricing. The building is a few blocks from the Kimball and Kedzie Stations on the Brown line, the North branch of the Chicago River, and countless restaurants representing a world’s tour of cuisines.

Property Highlights: address

Unit Mix and Features

The building, built in 1918, contains three one-bedroom/one bath units, nine two-bedroom/one bath units, and three three-bedroom/one bath units. Albany Park abuts the East Albany Park and Lincoln Square neighborhoods. Known for its diversity and abundant trees, the neighborhood is home to bungalows, large Victorian homes, and multi-family rental units, the latter especially popular among North Park University students.

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Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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