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Essex Closes 42-Unit Multifamily Building on South Side

November 03, 2023

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced that it completed the sale of a massive 42-unit courtyard, multifamily apartment building in Greater Grand Crossing, a highly desirable neighborhood on Chicago’s South Side.

The 42-unit building, located at 6801-6811 S Michigan Avenue, consists of six studio units, 33 one-bedroom/one-bath units and three two-bedroom/one bath units. The property sold for $2.5 million or $59,525 per unit. CIC, a local lender, financed the deal.

According to Joe Kahlhammer, “The team was pleased to source a local buyer, who was a perfect fit for the building, given his expanding portfolio in the neighborhood.”

The building was sold by an owner of 20+ years and their pride of ownership was evident. The property includes secure entryways and 24-hour emergency maintenance services. Each unit features spacious layouts, windows, closets, radiator heating, and hardwood floors. The exterior property is beautifully landscaped with several mature flowering bushes and trees.

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Tagged in this post: Joe Kahlhammer