Essex Brokers Facilitate Sale of Uptown Multifamily Building
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 4635-4637 N. Winthrop Avenue.
The seller, a local investor, hired Essex Principal Jim Darrow and Director Jaimie Steinher to exclusively market the property for sale. The Essex team led an extensive marketing campaign resulting in more than 25 property tours and more than five offers. An out-of-town investor purchased the property for $1,295,000 which equates to $215,833 per unit.
4635-4637 N. Winthrop Avenue is a six-unit multifamily apartment building located just east of Broadway Avenue in Uptown. The unit mix is comprised of six expansive 2 bed/1 bath apartments. Three of the six units were newly updated with high-end stainless steel appliances, white shaker-style kitchen cabinets, quartz countertops, modern bathroom vanities, and new drywall. These newer units yield higher rent compared to the other three. The new owner plans to move forward with this proven strategy, renovating the remaining units.
“Uptown’s transformation into a premier lakefront neighborhood is continuing to gain steam thanks to an influx of private and public investment. The property provided investors with the opportunity to acquire a quality asset with rental upside in a quickly appreciating area close to the lake and public transportation,” explained Steinher.