Essex Closes Sale of Historic Evanston Courtyard Building

May 15, 2024

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced it has successfully completed the sale of 531-539 Hinman Avenue, a 26-unit multifamily building located in Evanston.

The Property, also known as Cheltenham Court Mansions, sold for the first time in more than 50 years. The property garnered significant attention with more than 20 buying groups pursuing the property, validating the strong appeal of the Evanston market.

The apartments averaged approximately 1,400 square feet. While extremely well-maintained, the units were mostly in vintage condition, providing a rare opportunity for an investor to renovate the units while maintaining their vintage charm.

“I feel so fortunate to have had the opportunity to represent the seller in this transaction. Without a doubt, 531-539 Hinman is the most impressive vintage building I’ve sold. When you’re in these grand apartments, it is easy to forget you are in a courtyard building. The sellers have been phenomenal stewards of the property for over 50 years, making improvements without losing the original character of the building” said Essex Realty Group Director Rick Ofman. “It’s no surprise we had dozens of tours and numerous strong offers.”

Read Full Article at BisNow
Tagged in this post: Rick Ofman , Doug Imber , Kate Varde