Essex Realty Group Achieves $6.6MM Sale of Edgewater Courtyard Property

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm, Essex Realty Group, Inc., is pleased to announce the sale of 1723-1735 W. Thorndale Ave., a 42-unit vintage multifamily courtyard building located in Chicago’s Edgewater neighborhood.

Brought to the market by Essex’ Principals Doug Imber, Kate Varde, and Steve Livaditis, along with Managing Director Matt Feo, the company generated 43 property tours and 13 offers, resulting in a final sales price of $6,600,000. The price equated to $157,142 per unit; 10.7 GRM; and a 5.3% capitalization rate.

The property, which has been under the same ownership and management for nearly three decades, is comprised of 12 studio apartments,18 one-bedroom apartments and 12 two-bedroom apartments.

According to Feo, “The building’s proximity to the newly opened Peterson Metra station, combined with the upside in the rental income, resulted in phenomenal buyer interest. This transaction highlights the strong demand buyers have for well-located Chicago apartment properties.”