Essex Realty Group Arranges $21.4 Million Sale of Harmony Apartments in Chicago

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC, is pleased to announce the sale of Harmony Apartments, a newly delivered 57-unit mixed-use asset located at 4511 North Clark Street in Chicago’s Sheridan Park neighborhood. The property sold for $21,400,000.

Harmony Apartments Chicago Multifamily Sale Overview

Completed in 2024, Harmony Apartments features 56 luxury residential units comprised of studio, one-bedroom, and two-bedroom layouts, along with 4,764 square feet of ground-floor commercial space. The building offers high-end finishes throughout, including hardwood flooring, quartz countertops, custom cabinetry, stainless steel appliances, designer tile, in-unit laundry, individually controlled HVAC, and tankless hot water heaters. Amenities include a rooftop deck, contemporary lobby, heated garage parking, secure bike storage, tenant storage lockers, and elevator access.

The transaction was facilitated by Essex Principal Jordan Gottlieb and Managing Director Rick Ofman.

“The developers executed a fantastic project in a portion of Sheridan Park that is starved for new construction product. The installation of oversized windows and outdoor space for the majority of units makes this a standout project in comparison to most new development,” says Gottlieb.

Transaction Details for Harmony Apartments Chicago

The buyer was an out-of-state investment group based in New York completing one of its first acquisitions in the Chicago market. The group was attracted to Chicago’s steady rent growth and favorable cap rate environment, citing the city’s long-term fundamentals and deep rental demand as key market drivers.

Black Ensemble Theater Anchors Ground Floor Commercial Space

The ground-floor commercial space is leased to the Black Ensemble Theater, a nationally recognized cultural institution led by founder Jackie Taylor. The theater serves as the cultural anchor of the forthcoming Free To Be Village development located one block from the property, a transformative $76 million project designed to establish a vibrant arts and cultural hub in Uptown.

The project is targeted for completion in 2027 and is expected to draw year-round visitors while driving sustained community engagement and economic growth.

Located in Sheridan Park on Chicago’s North Side, the property benefits from strong transit connectivity, proximity to Lake Michigan, and immediate access to the Andersonville and Ravenswood retail corridors.

“This is the third stabilized asset we’ve sold in the last year in Sheridan Park, further underscoring continued investor demand for newly constructed and gut-renovated assets in supply-constrained Chicago neighborhoods,” says Ofman.

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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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