Essex Realty Group Executes $10,850,000 Sale of Newly Constructed River West Property

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced the sale of a luxury apartment building located at 832-838 West Erie Street in Chicago’s popular River West neighborhood.

The transaction was facilitated by Essex Principals Jim Darrow and Jordan Gottlieb, with Principals Doug Imber and Kate Varde representing the buyer in the transaction.

The property is comprised of 20 luxury apartments; Sixteen with private balconies; Five are first floor duplexes, and five are penthouses that feature private roof decks with incredible views of the Chicago skyline. Completed in 2015, each of the spacious apartments, which range from 2-4 bedrooms and 1500-2500 SF, boast upscale designer finishes, individual HVAC, in-unit laundry, and 19 parking spaces, including both heated garages and outdoor spots.

The building is conveniently located less than 4 blocks from two stops along the CTA Blue line and is steps to several bus routes. The surrounding area is rich with restaurant, retail, and entertainment options.

“With the incredible skyline views and natural sunlight from the floor to ceiling windows, floor plans that live like homes rather than apartments, the quiet side street location and great assumable debt, we received incredible interest from not only Chicago investors, but investors from both coasts. It is truly an irreplaceable trophy asset.” said Darrow, Principal at Essex Realty Group, Inc.

Throughout the marketing process, 832-838 W. Erie garnered multiple tours, attracting significant interest. Ultimately, the property received multiple offers and sold for $10,850,000 including a very favorable debt assumption with a 3.33% interest rate.