Essex Puts 12-Unit Edgewater Property Under Contract in 14 Days

Essex Realty Group, Inc. recently facilitated the sale of 1401 W. Highland Ave., a 12-unit apartment building located on the corner of Highland Avenue and Glenwood Avenue in Chicago’s Edgewater neighborhood.

The seller, a local investor, hired the Essex Team of Rick Ofman, Jaimie Steinher, Dan Shepherd, Doug Imber and Kate Varde to market the property for sale. Ofman and Essex broker Matt Feo represented the buyer who purchased the property for $2,800,000.

The property is located just down the street from Loyola University’s main campus. Last renovated in the late 2000’s, the building is comprised of all two-bedroom apartments and provides the new owner with multiple value-add opportunities including adding up to four additional apartments in the basement through the city’s ADU program.

“As is sometimes the case with long-term ownership, the property’s rents were 10 to 15% below the market in its current condition. In addition, he property is situated in the Additional Dwelling Unit (ADU) area, allowing the purchaser to create additional value,” Ofman said.

The property benefits from the neighborhood’s rising rents, proximity to multiple different modes of public transportation and proximity to Loyola University.