Essex sells $10 million Ravenswood multifamily building
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 4407-4415 N. Greenview Avenue in Ravenswood, its second courtyard building transaction this year for this market.
A multifamily team led by Steven Livaditis and Matt Feo of Essex Realty Group, Inc. engaged a long-time owner to exclusively market the Greenview property for sale. Just nine days after launching an extensive marketing campaign, the property sold within 99% of the list price to a repeat Chicago-based client for $10,075,000 by Livaditis and Feo. This transaction sets the bar for the highest price per unit for a non-renovated building within this submarket.
4407-4415 N. Greenview Avenue had been under the same family ownership for over 30 years and had been meticulously maintained during its tenure. Livaditis and Feo both agree that these opportunities are rare, and buyers will be challenged to find this type of product in the future. “We were confident that activity would be intense on this listing as this was an extremely attractive 45-unit courtyard building located in one of the most highly sought-after neighborhoods in Chicago.” stated the brokers
Located on a beautiful tree-lined street, steps away from public transportation, entertainment and shopping, Ravenswood has seen some of the highest occupancy rates and rental growth in the city.Read Full Article at ReJournals | Illinois Multifamily