Essex Closes Sale of West Bucktown Apartments

Essex Realty Group recently facilitated the sale of 1402 N. Maplewood Ave., a six-unit greystone apartment building in the West Side’s West Bucktown/Humboldt Park neighborhood. A local investor paid $1.1 million.

The seller, also a local investor, hired the Essex team of Jim Darrow, Jordan Gottlieb and Sarah Rider to exclusively market the property for sale. An extensive marketing campaign resulted in more than 20 property tours and five offers.

The unit mix is comprised of four two-bed/one-bath apartments and two three-bed/one-bath apartments. Of the six units, three were recently updated with stainless steel appliances, modern cabinetry, granite countertops, renovated bathrooms and washer/dryer in-unit.

The property presented multiple value-add strategies including a proven strategy for updating the remaining units and raising rents to capture rental upside. It’s located less than a mile from the Damen and Western Blue Line CTA stations.