Andersonville Mixed-Use Trades to Investment Group

A 12-unit mixed-use building at 1657-1659 W. Foster Ave. in the North Side’s Andersonville neighborhood has traded for approximately $2.7 million. The sale on behalf of a local partnership was arranged by Essex Realty Group.

The sellers originally purchased 1657-1659 W. Foster in the early 2000s with intent to convert the building to residential condominiums. However, the sellers ultimately decided to rent it when the condo market slowed.

“The buyer, a local investment group, recognized the property as a well-performing, well maintained asset in a great location, and had purchased the property as an addition to their portfolio because they believe in the continued growth of the Andersonville neighborhood,” said Essex Realty’s Matt Feo.

Feo and Essex Realty’s Abe Eilian and Doug Fisher were the sole brokers, representing both the seller and purchaser in this transaction. They conducted 18 property tours and obtained four offers on the property