Essex Closes on 9-Unit, Multi-Family Condominium Apartment Building in Evanston

CHICAGO, ILLINOIS – Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced the sale of a condominium deconversion building at 501-03 Sheridan Road, known as Sheridan Shores in Evanston, a highly desirable North Shore suburb bordering Chicago.

The three-story walkup building featured nine two-bedroom units and seven parking spaces that were 55% leased at the time of sale. Essex represented the Sheridan Shores Association in the marketing of all the condominium units Per Section 15 of the Illinois Condominium Act.

Steven Livaditis, Principal at Essex Realty Group, Inc., was enthusiastic about the sale. He said, “We experienced a tremendous amount of activity while marketing this asset. Overall, we had received multiple offers, and ultimately, the property was sold to a California buyer who was in a 1031- Exchange. The rental demand in this location is incredible, especially given its proximity to South Boulevard Beach. And to validate the opportunity, the new purchase has already begun leasing up units at 20%+ over the current average rent.”

The property closed for $1.940 million, and Livaditis and Jacob Goldstein represented both the sellers and purchasers in this transaction.

Evanston is one of the North Shore’s most exciting and diverse suburbs with a nationally acclaimed public school system, wonderful restaurants, and a burgeoning live music and theatre scene. The building is a short walk to the South Boulevard station of the Chicago Transit Authority’s Purple Line stop, and less than a mile to the Metra Main Street station on the Union Pacific North line. The UP-N line goes south to Chicago’s Ogilvie Transportation Center and north to Wisconsin, passing through North Shore suburbs including Ravinia.