Essex Represents Buyer and Seller on 31-Unit Vintage Courtyard Building in Rogers Park
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced that it has completed the sale of 1645 West Chase Avenue in Chicago’s Rogers Park neighborhood. The 31-unit vintage courtyard building, consisting of 23 one-bedroom and 8 two-bedroom units, had been owned and managed for more than 20 years by a local investor.
The property is situated just one block from Touhy Park, and is nearby local restaurants, boutiques, and the Jarvis Red Line CTA station. The property sold for approximately $4,050,000 to another hands-on investor who plans to convert most of the one-bedroom apartments to two-bedrooms. One-bedroom rents in the building averaged approximately $1,000, while nearby two- bedroom units rent for $1,400 to $1,600, depending on their level of finish.
The seller was represented by Essex’ Principals Doug Imber and Kate Varde, and Director Rick Ofman. The buyer was represented by Essex’ Director Matt Feo. According to Ofman, “The property offers spacious and bright apartments. In addition, Rogers Park has grown in popularity in recent years as other northside neighborhoods have become more expensive. Rogers Park still offers phenomenal value to both apartment renters and apartment investors.”