Essex Realty Group Executes Sale of 20 Newly Constructed Apartment Units in Peterson Park
CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of two side-by-side newly constructed apartment buildings located at 5824 and 5830 N. Lincoln Avenue in Chicago’s Peterson Park neighborhood. Essex Managing Director Matt Feo facilitated the transaction.
The sale included 20 units total, between an 8-unit building at 5824 and 12 units at 5830. Both properties are brand new developments consisting of large 2 and 3-bedroom units. The apartments feature luxury condo-quality finishes consisting of large open floorplans, stainless steel appliances, marble tiling, in-unit washer and dryers, private decks in the rear, a shared rooftop, and exterior park spaces available to tenants.
Located in the path of progress, Peterson Park is conveniently situated within close proximity to both Lincoln Square and Andersonville, while offering a high-end quality of housing stock at more affordable prices.
Positioned at the Northeast corner of N. Richmond St. and N. Lincoln Ave., both buildings offer access to transportation hubs such as the Peterson/Ridge UP-N Metra Line, the Rockwell and Francisco Brown Line “L” Stations, and are just moments from the 90/94 Expressway. Moreover, with multiple bus stops nearby on N. Lincoln Ave. and N. California Ave., tenants can seamlessly navigate the city and suburbs.
“In a market facing a severe shortage of new housing supply, this was a unique opportunity for the buyer to acquire a rental property they believe will more effectively serve the needs of the underserved condominium market,” said Matt Feo, Managing Director at Essex Realty Group, LLC.
The transaction was completed entirely off-market by Essex Realty Group. Developed and sold by a local builder, the properties were acquired by an out-of-state investor. 5830 N. Lincoln Ave. sold for $4.2 million, while 5824 N. Lincoln Ave. closed at $3.6 million. The deal highlights the strong appeal of these assets and underscores their rarity in a neighborhood with limited new construction inventory.