Essex Lists 111-Unit West Ridge & Albany Park Portfolio
CHICAGO, ILLINOIS– Essex Realty Group, Inc. has been exclusively engaged to market for sale a collection of West Ridge and Albany Park properties consisting of seven multifamily properties, totaling 111 apartments.
Five of the seven properties are located in Chicago’s West Ridge neighborhood: 2120-22 W. Arthur Ave./ 6507-09 N. Hamilton Ave., 6515-27 N. Seeley Ave., 2641-43 W. Estes Ave., 6154-56 N. Oakley Ave./2303-07 W. Granville Ave., 6442-44 N. Hamilton Ave. The remaining two properties are located nearby in the Albany Park neighborhood at 4944-46 N. Harding Ave., 4801 N. Ridgeway Ave.
Six of the seven buildings (100 of the 111 units) were renovated to condominium quality condition between 2008 and 2020. The remaining 11 units also have undergone substantial renovations. Similarly, 100 of the units include individual HVAC, while 74 of those units also have in-unit laundry. The apartments are among the better appointed in their submarkets, and the buildings have little to no deferred maintenance.
Current ownership has benefitted from utilizing the Chicago Housing Authority’s Housing Choice Voucher program, which applies federal funding to subsidize rent for qualified renters. This strategy has allowed the seller to achieve high occupancy with low turnover. Approximately 78% of the portfolio’s residents receive vouchers. Additionally, the portfolio is currently financed with long-term, fixed-rate, interest-only loans that are assumable and would provide a new owner with outsized cash flows.
The portfolio is listed by Essex Director, Rick Ofman, and Managing Director, Matt Feo. According to Feo, “Given the portfolio’s scale, quality, and attractive assumable debt structure, this stands out as one of the best cash-flowing opportunities we’ve seen for a stabilized North Side asset in quite some time. The rarity of such an offering makes it difficult to replicate. For syndicators aiming to meet their targeted cash-flow metrics on the North Side, this could be the ideal opportunity.”
Known as one of Chicago’s most historically and culturally abundant neighborhoods, West Ridge has become a cherished community that boasts thriving retail lining Devon Avenue, historic mansions along Ridge and Lunt Avenues and cultural institutions such as St. Scholastica Academy.
Albany Park is a charming community on Chicago’s northwest side that is home to one of the most diverse populations of any neighborhood in Chicago. The area boasts a mix of residential areas, parks, and vibrant commercial corridors. Centrally located, along both the CTA Brown and Blue Lines, and bordered by the Edens expressway (Interstate 94), the location provides easy access to the city and surrounding suburbs.