Essex Realty Group Facilitates Sale of 124-Unit Apartment Building in Hyde Park

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of 5550 S. Dorchester Avenue, a 124-unit, 15-story apartment building located in Chicago’s Historic Hyde Park neighborhood.

The property, built in 1949, consists of 82 1-bedroom/1-bathroom units, 29 2-bedroom/1-bathroom units, and 13 studios, along with 7 parking spaces. The apartments feature stainless steel appliances, quartz countertops, new cabinetry and updated bathrooms.. Residents also benefit from a newly renovated lobby with a coffee bar, a new fitness center, high-speed internet, an intercom system, and lake views.

The property is located in the heart of Hyde Park, a vibrant neighborhood known for its rich cultural heritage, tree-lined boulevards, and architectural significance. The area is home to the prestigious University of Chicago and offers a diverse mix of dining and entertainment options while being surrounded by renowned landmarks like the Museum of Science and Industry, the Midway Plaisance, Promontory Point, and several Frank Lloyd Wright houses. Located at the southeast corner of S. Dorchester Ave and E. 56th St., the property is just steps away from the University campus, the 55th-56th-57th ME & SSL Metra Station, several bus stops, and Lake Michigan, ensuring both local convenience and easy access to the city.

The transaction was facilitated by Essex Realty Group Principals Doug Imber and Kate Varde, alongside Managing Director Rick Ofman.

According to Imber, “The sellers were just the second owner of the property. It had been conscientiously maintained and operated. For the purchaser, acquiring a stabilized and prominent asset of this scale just steps from the University of Chicago was a terrific strategic decision.”

Throughout the marketing phase, 5550 S. Dorchester Ave. hosted nearly 20 tours, attracting significant interest from prospective buyers.