Connect Chicago

Neighboring Lincoln Park Buildings Change Hands

December 08, 2020

Essex Realty Group has sold 640 and 656 W. Wrightwood Ave., a pair of vintage elevator buildings located in the North Side’s Lincoln Park neighborhood. Totaling 107 units, these multifamily buildings have been owned by the same entities for more than 50 years.

Essex president Doug Imber, principal Kate Varde, and directors Clay Maxfield and Jaimie Steinher represented the sellers in both transactions. 640 W. Wrightwood was purchased by a local investor for approximately $5,900,000, or $113,462 per unit.

656 W. Wrightwood Avenue sold to another local investor for approximately $8,555,000, which equates to $155,545 per unit. Essex principals Jim Darrow and Jordan Gottlieb, along with director Jordan Multack, represented both buyers.

“Each buyer recognized the opportunity to purchase value-add properties with over 50 units each in the heart of Lincoln Park as a once in a generation acquisition,” said Darrow.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily real estate brokerage firm. Contact us to learn more about our recent Chicagoland multifamily and mixed-use property sales and talk to a Chicago multifamily broker today.

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Tagged in this post: Doug Imber , Jim Darrow , Jordan Gottlieb , Kate Varde