Essex Realty Group Completes a $5.5M Sale in Edgewater as Part of a Unique Approach to a Broader Portfolio Transaction

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the sale of a 42-unit apartment building located at 5710 N. Winthrop Avenue, in the heart of Chicago’s Edgewater neighborhood. The transaction led by Essex Realty Group Principals Steven Livaditis and Matt Feo, along with Managing Director Rick Ofman represented the final disposition of a multi-property portfolio sale.

Strategic Marketing Approach

The seller, a seasoned real estate investor seeking to exit the Chicago market, initially anticipated that the most likely buyer would be an investor seeking to acquire his entire portfolio, given its scale and appeal to national buyers. After consulting with the seller, a more strategic marketing approach was recommended to maximize value and broaden buyer interest.

“We believed a targeted, asset-by-asset strategy could generate significantly stronger results,” said Livaditis and Feo. “Each property aligned with the price points and locations most actively sought by mid-market Chicago investors, and by engaging this buyer pool rather than a single portfolio buyer, we anticipated substantially higher interest levels and increased offer activity.

Strong Investor Interest

Within 30 days of launching the marketing campaign, this mid-rise apartment property generated incredible investor interest, resulting in multiple tours and more than six competitive offers. The process ultimately culminated in a non-contingent contract executed at signing.

Prime Edgewater Location

The property is located just steps from Lake Michigan and within walking distance of the Bryn Mawr Red Line station, providing residents with convenient access to public transportation, the lakefront, and nearby neighborhood amenities. Its proximity to Loyola University Chicago, multiple beaches, and the Broadway and Bryn Mawr commercial corridors makes it highly appealing to both students and young professionals. Edgewater continues to be one of Chicago’s most resilient lakefront submarkets, supported by strong rental demand, transit accessibility, and a diverse tenant base. The neighborhood’s mix of lakefront access, institutional anchors, and walkable retail corridors has consistently attracted investor interest.

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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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