Essex Realty Group Closes Over $27 Million in Evanston Multifamily Transactions in 30 Days

CHICAGO, ILLINOIS — Essex Realty Group, LLC announced the closing of three separate multifamily transactions located in Evanston, Illinois totaling $27.2 million and consisting of 125 apartment units.

632–640 Hinman Avenue | 32 Units | $10.3 Million

Essex represented both the buyer and seller in the $10.3 million sale of 632–640 Hinman Avenue, a 32-unit luxury vintage courtyard apartment. The property commands a premier location with immediate access to public transit, retail corridors, Lake Michigan, and Northwestern University.

The asset features an attractive unit mix of two-, three-, and four-bedroom residences appointed with high-end finishes throughout, including in-unit laundry facilities, hardwood flooring, decorative fireplaces, individual HVAC systems, and select duplex-style configurations.

The transaction was led by Principals Doug Imber, Kate Varde, and Managing Director Rick Ofman.

1400 Chicago Avenue | 63 Units | $10.5 Million

Essex also facilitated the $10.5 million sale of 1400 Chicago Avenue, a 63-unit, eight-story multifamily asset located in downtown Evanston. The property presented a compelling value-add opportunity, with vintage condition studio and one-bedroom apartments.

Essex’ Partners Brian Karmowski and Doug Imber represented the seller, whose family originally developed the property in 1962, while Essex’ Partner Matt Feo represented the buyer.

2007 Ashland Avenue | 30 Units | $6.4 Million

Lastly, Essex closed the $6.4 million sale of 2007 Ashland Avenue, a 30-unit townhome community located at the intersection of Ashland Avenue and Foster Street. The seven-building portfolio consists entirely of duplex-style residences, each equipped with individual HVAC systems and dedicated hot water heaters.

Approximately fifty percent of the units have undergone comprehensive renovation, while the property benefits from stable, predictable cash flow supported by a long-term Housing Assistance Program contract extending through 2030. Essex’ Partners Doug Imber and Kate Varde represented the seller, while Essex Partner Brian Karmowski and Director Abe Eilian represented the buyer.

Essex Realty Group will soon introduce 718 Hinman Avenue to the market, a 32-unit multifamily asset in Evanston, with marketing efforts led by Doug Imber and Matt Feo.

Read features with Connect CRE and RE Journals.

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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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