Essex Sells $13M 2-Building Portfolio in Ravenswood, Lincoln Square
Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of a 2-building portfolio consisting of 4600 N. Lincoln Avenue and 2600 W. Montrose Avenue. The buildings consist of 27 and 26 units, respectively.
The seller hired Doug Imber and Kate Varde to market the properties for sale. Alongside Directors Jaimie Steinher, Dan Shepherd and Rick Ofman, the team conducted a dozen tours and fielded several competitive offers. The portfolio closed at a sale price of $13,000,000, which reflects a 5.14% cap rate and GRM of 11.75.
“Rarely do buildings with this many units in such fantastic locations on the North Side come available” said Ofman, who represented the buyer, Nick Yassan with Rany Management. “It is no surprise we were able to create so much competition amongst local housing providers who recognized once in a generation opportunity to acquire these assets,” he continued.
4600 N. Lincoln Avenue, a 27-unit mixed-use property consists of studio, one and two-bedroom apartments plus three commercial spaces. The primary commercial space is occupied by the critically acclaimed restaurant Fork. 2600 W. Montrose Avenue features a similar unit mix consisting primarily of studio and one-bedroom apartments.
Contact Essex Realty Group, Inc. today with any questions you have regarding this sale, or if you are interested in learning more about their current inventory.