Essex Realty Group Successfully Sells 39-Unit Courtyard Apartment Building in North Park

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc., announced it has successfully facilitated the sale of 5026 N. Kimball Ave, a 39-unit courtyard apartment building located in Chicago’s North Park neighborhood. The deal was brought to the market by Essex Realty Group’s Director, Brian Keegan and Managing Director, Matt Feo and executed by Abe Eilian. This is the first time the property had seen the market in almost 35 years.

The sale process was efficient and garnered immediate interest that resulted in 21 tours and 6 offers less than 30 days after publicly announcing the offering. More than half of the units had been renovated or partially renovated, featuring newer kitchens and baths. In addition to the finishes, an individual furnace had already been installed for each unit at the property – a large mechanical upgrade in comparison to many other similar courtyard buildings in northside neighborhoods.

“It can be challenging in today’s market to acquire good apartment density in any of Chicago’s Northside Neighborhoods. The fact of the matter is, only a handful of courtyard or other densified buildings trade every year and it’s been fewer in the past 24 months than it’s been in more than a decade. We appreciate the confidence that our clients have in us to generate tremendous outcomes and the trust that they put in us to lead a process that facilitates them. This opportunity, ultimately, was a win/win for both sides and is an excellent case study that showcases how we can deliver with micro-market knowledge in the face of macro-market conditions.” said Brian Keegan, Director at Essex Realty Group, Inc.