Essex Sells Multifamily Asset In The South Side’s Woodlawn Neighborhood

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 6107-6111 S. Saint Lawrence Avenue, a nine-unit multifamily property located just one block south of Washington Park and The University of Chicago, in Chicago’s Woodlawn neighborhood.

The seller, a local investor, hired Essex director Brian Mond to exclusively market the property for sale. Within a four-week timeframe, Essex led an extensive marketing campaign resulting in 15 property tours and five offers. The property ultimately sold to Glangevlin Properties, a local investor, for $785,000.

Glangevlin Properties is active in Chicago’s Woodlawn neighborhood. As hosts of the Woodlawn Garden Festival, an annual contest to find the best, brightest and most beautiful gardens in Chicago’s historic Woodlawn community, green space is important. The investor has future plans to purchase the vacant lot adjacent to 6107-6111 S. Saint Lawrence Avenue with hopes to turn it into a community garden.

“Saint Lawrence is a great example that highlights why so many real estate investors are drawn to the South Side. In this case, the new owner-operator bought into this deal at an approximately 11.5% stabilized cap rate,” explained Mond. He continued, “There are plenty of multifamily opportunities in Woodlawn, and throughout the South Side.”

“Brian Mond is an expert in these communities. He understands what buyers are looking for and what it means to be part of the neighborhood investment,” said Mike McCauley, owner of Glangevlin Properties.

6107-6111 S. Saint Lawrence Avenue is located on southeast corner of 61st Street and Saint Lawrence Avenue near the University of Chicago campus. The property is comprised of a mix of one- and two-bedroom apartments and offers an investor a value-add opportunity.

Mond added, “the South Side neighborhoods are growing. When driving through the area you can spot cranes and construction sites everywhere, and the investments pouring into the area will continue.” He adds, “construction has started on the immense site of the Obama Presidential Library, and it is exciting to see this large scale development come to fruition.”

The property is ideally located just a few blocks from both the King Drive and the Cottage Grove Green Line CTA Stations. Jackson Park and the beautiful shores of Lake Michigan are also conveniently located approximately 1.5 miles east of the property.