Essex Brokers Largest Lakeview Apartment Building Sale of 2024

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group announces that it has completed the sale of Lakeview’s largest multifamily transaction of 2024, the 140-unit Panorama Apartments, located at 3300 North Clark Street.

The property is situated less than ½ mile from Wrigley Field and Lake Michigan and is steps from public transportation. Delivered in 2020, Panorama is a premier mixed-use building comprised of 140 upscale apartments and 8,500 square feet of ground-floor retail. The property has an attractive unit mix of 37 studios, 24 convertibles, 42 one-bedroom/one-bathroom, 33 two-bedroom/two-bathroom, and 4 three-bedroom/ two-bathroom apartments.

Each unit provides upscale designer finishes, such as salt quartz countertops, stainless-steel appliances and in-unit laundry. Panorama also features a host of state-of-the-art amenities, including a theatre, indoor and outdoor lounges, and a health club quality fitness center.

Rick Ofman, Managing Director of Essex, represented the seller, a local developer, while Jordan Gottlieb, Principal of Essex, represented the purchaser, a national investment firm expanding its existing Chicago portfolio.

According to Ofman, “This sale illustrates how high-quality construction in premier locations can weather even the most challenging market conditions. The property was delivered at the end of 2020 and leased-up in just 6 months, despite the challenges COVID-19 brought to the rental market. The first-class amenity package on the top floor is more akin to what one sees in much larger downtown high rises. Panorama’s success is a testament to forward thinking development and design.”

Essex Realty Group continues to prove its leadership position in Chicago’s multifamily market, particularly in the Lakeview neighborhood. In 2024, Essex facilitated 40% of all multifamily transactions in Lakeview, totaling $52,865,000 across 174 units.