Essex Realty Group brokers $6.7M sale of boutique apartment building

Essex Realty Group facilitated the sale of 933 W. Belle Plaine Avenue, a 17-unit, new construction apartment building located in Chicago’s Buena Park neighborhood.

Delivered in 2017, the property features luxury apartment units with secured keyless entry, private balconies, gourmet kitchens and in-unit laundry. Additionally, the property features amenities including a pet washing station, elevator, bike storage, resident storage, a 13-car garage and seven outdoor parking spaces.

Essex president, Doug Imber, principal, Kate Varde, and director, Clay Maxfield, were the brokers on the transaction.

“This was one of the very best developments we’ve had the privilege of selling,” Imber said. “The quality and attention to detail were best in class.”

The buyer, a local 1031 exchange investor, purchased the property for approximately $6,700,000, which equates to $394,117 per unit. Imber notes, according to CoStar comps this is the highest price per unit for a multifamily property in Buena Park and Uptown in the last two years.

“The buyer recognized the quality and is a long-term investor who was adding to their scale of operations,” Imber said.