Essex Sells Two-Property $5.2M Portfolio Near Loyola University
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a 27-unit portfolio in two corner apartment buildings located just one block from each other in Chicago’s Edgewater neighborhood. The offering includes 13 units at 1214-24 W. Rosemont Avenue and 14 units at 6257 N. Lakewood Avenue.
Essex director Matt Feo was hired to exclusively market the portfolio for sale. Essex led an extensive marketing campaign resulting in 35 property tours and multiple offers to purchase the properties. Both properties sold to a local investor for the combined total price of $5,250,000. Essex principal Jim Darrow represented the buyer.
Both buildings are primarily comprised of one-, two- and three-bedroom layouts, and select floorplans are duplex units. The portfolio also includes four exterior tandem parking spaces located at the Lakewood property. The units are a mixture of predominately vintage and lightly updated kitchens and bathrooms. These boiler buildings also include common laundry in the basement. Today, a value-add opportunity exists for an investor to purchase these properties and achieve immediate scale in a popular market and either continue to operate the properties as-is or renovate the properties to include modern finishes in order to capture higher rental rates.
“The ‘Loyola Portfolio’ presents an investor with a rare opportunity to acquire immediate scale in this highly sought-after market just a couple of blocks away from Loyola University Chicago’s main campus,” explains Feo. He continues, “this diverse unit mix is ideal and caters both to the local Edgewater population and to the extremely close Loyola Student population.”
This Portfolio is conveniently located three blocks southwest of the Broadway, Sheridan, and Devon intersection, the heart of the Loyola Campus. The property is also located less than a half-mile from the Granville Red Line CTA Station and steps from various bus stops on Broadway St. and Devon Ave. This fantastic location benefits from the substantial growth of the University, a number of surrounding new developments, excellent public transportation, walkable restaurants and retail, the beautiful lakefront, public beaches, and so much more.