Essex Realty Group brokers sale of two South Shore apartment buildings
Essex Realty Group facilitated the sale of 7748 S. Kingston Avenue, a 34-unit apartment building and 7400 S. Chappel Avenue, an 18-unit apartment building. An out-of-state investor acquired both assets, located in Chicago’s South Shore neighborhood for approximately $2,230,000.
Essex director Brian Mond was the broker on the transaction. This portfolio presented the opportunity to acquire two well-positioned value-add apartment buildings in a great location with additional rental upside. 7748 S. Kingston Avenue features six studios, 22 one-bedrooms and six two-bedrooms while 7400 S. Chappel Avenue features 18 one-bedrooms. During the marketing process Essex generated 10 showings and multiple offers to purchase the property.
“The South Shore neighborhood continues to prove to be a strong market for rentals and investments. Occupancy is still high, and collections are better than everyone anticipated,” said Mond. “The recent investments to enhance the South Shore Metra Electric line and the community initiative INVEST South/West are great examples of some of the different ways the city is reinvesting in these south side communities. It is an exciting time to be an investor in South Shore.”
Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.Read Full Article at ReJournals | Illinois Multifamily