Essex Brokers Deal for Value-Add Apartments in Pilsen

Essex Realty Group arranged the sale of 639 W. 18th St., a seven-unit mixed-use property in the Pilsen neighborhood on Chicago’s West Side.

“The property was sold vacant and in need of a full renovation,” said Essex principal Steve Livaditis. “This presented an investor with a unique value-add opportunity to purchase a mixed-use property along the bustling retail corridor of 18th Street, the main retail street in Pilsen.” Livaditis and principal Jim Darrow represented the seller.

The buyer, a local investor, purchased the property for approximately $665,000, or about $95,000 per unit. Essex director Abe Eilian represented the buyer.

Essex Realty notes that in recent years, Pilsen has become one of the most sought-after neighborhoods by investors and developers primarily due to being an extremely low-density market with proximity to downtown and the area’s dynamic fundamentals, including a thriving artist community.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily real estate brokerage firm. Contact us to learn more about our recent Chicagoland multifamily and mixed-use property sales and talk to a Chicago multifamily broker today.