Connect CRE Chicago

Essex Closes Sale of Mixed-Use in Edison Park

July 28, 2021

Essex Realty Group closed the sale of 7240 W. Devon Ave. a newer-construction mixed-use property in the Northwest Side’s Edison Park neighborhood. The firm’s Steve Livaditis and Matt Feo marketed the property on behalf of a local ownership group and sold the property within days to a repeat buyer.

The property was sold for approximately $4,000,000 and the purchaser was represented by Essex Realty’s Jordan Multack.

7240 W. Devon is comprised of 10 apartments and ground floor commercial spaces, with Dunkin’ Donuts as the anchor retail tenant. The property was 100% leased at time of sale with no deferred maintenance and the new purchaser plans on maintaining this passive investment while slowly growing rents over time.

“Located steps away from multiple public transportation arteries and downtown Park Ridge, these modern apartments featured all the latest detail and finishes that attracted the most premier tenants in the market,” said Livaditis.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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Tagged in this post: Steven Livaditis , Matt Feo