Essex Realty Group Announces $2.6MM Sale of Multifamily Properties in Lincoln Square

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc., announced the sale of two multifamily properties located on Campbell Avenue in Chicago’s Lincoln Square neighborhood: a 7-unit walkup building at 5452-5454 N. Campbell Ave., and an 8-unit center entrance building at 5428-30 N. Campbell Ave.

Brought to the market by Essex Realty Group Director,Rick Ofman, Principal Kate Varde, and Principal Doug Imber, both properties offered value-add opportunities with fully occupied positions.

Located in Budlong Woods, a pocket of Chicago’s popular Lincoln Square neighborhood, both properties provide residents and visitors with a cross between a diverse city district and a welcoming, residential neighborhood. The properties attracted considerable interest during the property tour phase and ultimately sold for a combined total of $2,600,000.

“As we are seeing in many northside locations, this neighborhood is experiencing dramatic increases in rental rates. The majority of the building systems had already been improved, as a result, the new owners plan to make cosmetic upgrades to capture the rental upside,” said Rick Ofman, Director at Essex Realty Group, Inc.