Essex Closes Sale of Historic Evanston Courtyard Building

Chicago Multifamily Transaction Overview

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced it has successfully completed the sale of 531-539 Hinman Avenue, a 26-unit multifamily building located in Evanston.

Property Highlights: 531-539 Hinman Avenue

The Property, also known as Cheltenham Court Mansions, sold for the first time in more than 50 years. The property garnered significant attention with more than 20 buying groups pursuing the property, validating the strong appeal of the Evanston real estate market.

Unit Features

The apartments averaged approximately 1,400 square feet. While extremely well-maintained, the units were mostly in vintage condition, providing a rare opportunity for an investor to renovate the units while maintaining their vintage charm.

Essex Realty Group’s Role in the Transaction

“I feel so fortunate to have had the opportunity to represent the seller in this transaction. Without a doubt, 531-539 Hinman is the most impressive vintage building I’ve sold. When you’re in these grand apartments, it is easy to forget you are in a courtyard building. The sellers have been phenomenal stewards of the property for over 50 years, making improvements without losing the original character of the building” said Essex Realty Group Director Rick Ofman. “It’s no surprise we had dozens of tours and numerous strong offers.”

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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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