ReJournals | Illinois Multifamily

Essex brokers facilitate sale of two West Town properties for $7.26 million total

June 16, 2022

Essex Realty Group, Inc. facilitated the sale of 1355 W. Chicago Ave., a 34-unit mixed-use building and 1856 W. Chicago Ave., a 14-unit mixed-use building. Both properties are in Chicago’s popular West Town neighborhood.

Essex Principals Jim Darrow and Jordan Gottlieb, as well as Associate Sarah Rider led a marketing campaign resulting in 43 property tours and 13 offers. Essex Managing Director Brian Karmowski represented the buyer who purchased the property for $4,500,000.

1355 W. Chicago Ave. is comprised of a mix of 31 vintage studio and one-bedroom apartment units and three occupied street level commercial spaces. The property presented an investor with the rare opportunity to acquire 34-units in West Town, a neighborhood typically comprised of smaller investment properties.

Darrow and Gottlieb also represented the seller of 1856 W. Chicago Ave. Essex led a broad marketing campaign resulting in 20 property tours and signed contract after just two weeks on the market. 1856 W. Chicago Avenue sold to a local investor for $2,760,000.

A unique property, 1856 W. Chicago Ave. is comprised of a mix of most large two-bedroom apartments and two street level retail spaces, occupied by H&R Block and Chang’s Martial Arts.

Both properties benefit from the neighborhood’s rising rents and proximity to public transportation and downtown Chicago and the West Loop/Fulton Market district.

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Tagged in this post: Jim Darrow , Jordan Gottlieb , Brian Karmowski