RE Journals

Essex Lists 194-Unit Portfolio in Riverdale & South Chicago

January 25, 2024
Essex Realty Group 194 Unit Portfolio Just Listed

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced it has been exclusively engaged to market for sale a 13-building, 194-unit multifamily portfolio located in Riverdale, along the southern border of Chicago, and the South Chicago neighborhoods of Washington Park and Greater Grand Crossing.

The asking price is $14,500,000 with an average price of $74,742 per unit. This portfolio represents a stable asset with a steady cash flow. Cumulatively, 92% of the units are occupied. At present there are only 14 vacant units. Of the occupied units, 93% are held by subsidy tenants.

Listed by Robert Berman, Michael Anguiano, Daniel Shabsin, and Jeremy DeMarco the portfolio qualified as a Class 9 program in 2022. The Class 9 designation offers a 50% reduction in assessments and taxes to developers who complete major rehab on multifamily buildings and keep rent below certain levels.

The Riverdale properties span 10 buildings with 138 apartments. Each building has either 12 or 18 units. Two-thirds of the units, 92 in total, are 2-bedroom/1 bath units. There are also 45 one bedroom/1 bath units and one studio. They are located on S. Atlantic Avenue (4 buildings), S. Tracy Avenue (4 buildings), S. Stewart Avenue, and S. School Street.

The three Chicago properties represent 56 units: 7 commercial spaces, all rented, 17 one bedroom/1 bath units, and 32 two bedroom/1 bath units. The buildings are located on Indiana Avenue and S. Perry Avenue (two buildings).

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