RE Journals

Bridgeport multifamily portfolio seeks $5.9 million buyer

February 28, 2020

Essex Realty Group is marketing four mixed-use properties for sale in Chicago’s Bridgeport neighborhood. The buildings are being offered individually or as a portfolio, with the listing price for the 30-unit portfolio seeking $5,950,000.

“Bridgeport is a neighborhood with historically low velocity,” said Essex director Clay Maxfield, who is marketing the portfolio with Essex principals Doug Imber and Kate Varde. “Often times investors will buy one or two six flats at a time; taking many years to acquire 30-plus units. The Bridgeport Collection offers investors the rare opportunity to acquire four centrally located properties and thus creating immediate scale.”

The building include the 11-unit 3227 S. Carpenter Street, the nine-unit 3227 S. Aberdeen Street, the six-unit 3239 S. May Street and 3440 S. Morgan Street, which features three apartments and 1,200 square feet of retail space. The 100 percent occupied portfolio is comprised of a mix of studio, one-, two- and three-bedroom rental units. The portfolio also includes five outdoor parking spaces and three garage parking spaces.

The portfolio presents an investor with the unique opportunity to acquire immediate scale in a rapidly growing neighborhood. In recent years, Bridgeport has become a hotspot for artists and designers. The Bridgeport Art Center and the Zhou B Art Center, two acclaimed gallery, exhibition and event spaces in Chicago are located within two blocks of all four properties. These art centers regularly feature new exhibitions, monthly events and space artists to create and share.

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Tagged in this post: Doug Imber , Kate Varde