Essex Realty Group Closes Successful Sale of $3.75MM Building in Lincoln Park

Chicago Multifamily Transaction Overview

Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the successful sale of 2023-2025 N. Racine Avenue, a 12-unit apartment building located in the heart of Chicago’s highly sought-after Lincoln Park neighborhood. The transaction was brokered by Essex Principal Steve Livaditis, who represented the seller, and Essex Principal Jim Darrow, who represented the buyer.

Property Highlights: 2023-2025 N. Racine Avenue

Unit Mix and Renovations

The classic 12-unit walk-up building features a balanced unit mix of six one-bedroom/one-bath and six two-bedroom/one-bath units, all with spacious , open floor plans.  Most of the units have recently been upgraded, including modernized kitchens and bathrooms, individual HVAC systems, and in-unit laundry facilities. Additionally, the property offers  five surface parking spaces.

Prime Location in Lincoln Park

“This opportunity stood out due to its exceptional location in Lincoln Park and the multitude of value-add strategies available. In just three weeks, we facilitated over 20 property tours and received several competitive offers.  Buyers were eager to explore the potential of adding additional residential units and duplexing the property, highlighting the immense appeal and demand for this unique offering,” said Steve Livaditis, Principal at Essex Realty Group.

The asset sold at one of the highest price-per-unit benchmarks for a non-renovated building in Lincoln Park this year, further underscoring the enduring demand for value-add opportunities in premier urban submarkets.

Transit and Accessibility

Ideally situated in the heart of Lincoln Park, the property is within walking distance of the Armitage CTA Brown Line station, as well as multiple bus routes and major thoroughfares. Its central Lincoln Park location offers immediate access to neighborhood amenities including local dining, shopping, top-rated schools, DePaul University, and lakefront parks.

Essex Realty Group’s Role in the Transaction

This sale reinforces Essex Realty Group’s market leadership in mid-market multifamily investment sales across Chicago, and highlights the continued investor appetite for stabilized Midwest apartments Chicago, especially in well-located apartment buildings in the city’s most competitive neighborhoods.

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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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