Essex Closes $4 Million Rogers Park Apartment Building
CHICAGO, ILLINOIS – Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 7381 North Damen, a 34-unit apartment building located in Chicago’s Rogers Park neighborhood.
The Essex team of Doug Imber, Kate Varde, and Rick Ofman represented the seller. This was the fourth time Essex has sold this building in its 33 year history. The property sold for $4,000,000, a price that reflected a 6.7% cap rate. Matt Feo and Ofman represented the buyer, a Chicago investor with multiple holdings in Rogers Park.
The property had been well-maintained by hands-on seller management. However, with the improvements seen in that pocket of Rogers Park, it was time to implement a programmatic renovation of the apartments.
According to Imber, “The strong demand for rental apartments in Rogers Park, combined with the fierce opposition of new apartment developments from the neighborhood’s current alderperson have caused rents to climb to the point where a unit upgrade program makes good economic sense.”