Evanston Multifamily Townhome Property Trades in Transaction Facilitated by Essex Realty Group
CHICAGO, ILLINOIS — Essex Realty Group, LLC is pleased to announce the sale of 2007 Ashland Avenue, a 30-unit townhome community located at the corner of Ashland Avenue and Foster Street in Evanston, Illinois.
The seller was represented by Essex Principals Doug Imber and Kate Varde, along with Managing Director Rick Ofman. The buyer was represented by Essex Principal Brian Karmowski and Director Abe Eilian.
Property Overview
The property is comprised of seven buildings and consisting of 18 two-bedroom / two-bathroom units; 8 three-bedroom/two-bathroom units; and 4 four-bedroom/ two-bathroom units.
All of the apartments are duplex-style townhomes with individual HVAC systems and hot water heaters. Units include outdoor patios, with interior finishes consisting of laminate and tile flooring on the main level and carpeted upper levels. Approximately half of the units have undergone renovations.
Affordable Housing Program Participation
The community participates in HUD’s Housing Assistance Program contract, which covers 100% of the units, providing long-term income stability with annual rent adjustments tied to Operating Cost Adjustment Factors.
Market Dynamics
According to Imber, “This type of affordable housing in places like Evanston are in very short supply. While there was tremendous buyer demand for this asset, the closing process took a very long time, in large part due to the government shutdown’s impact on HUD.”
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Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.
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