ReJournals | Illinois Multifamily

Essex Realty announces recent Chicago multi-family transactions

July 16, 2021

Essex Realty Group, Inc. is pleased to announce the sale of 5622-5628 N. Clark Street, an exceptional 17-unit mixed-use property located in Chicago’s highly desirable Andersonville neighborhood.

The seller, a local investor, hired Essex Principals Jim Darrow and Jordan Gottlieb to exclusively market the property for sale. The Essex team conducted an extensive marketing campaign resulting in more than ten property tours and multiple offers. A local investor in a 1031 Exchange purchased the property for approximately $4,850,000. Darrow and Gottlieb also represented the buyer.

“5622 N. Clark Street presented the rare opportunity to purchase a larger mixed-use property in Andersonville in a prime location on Clark Street. The apartments are beautifully renovated, and the retail tenants are both long term staples of the neighborhood,” explained Darrow.

The property features five 1 bed/1 bath, eight 2 bed/1 bath, and two 3 bed/2 bath apartments that feel spacious and bright due to the building’s corner location. The apartment units were recently renovated and feature beautiful finishes including hardwood floors, stainless steel appliances, quartz countertops, in-unit laundry and individual HVAC. Individual storage units and additional laundry is available to tenants in the basement. The building also includes two ground floor commercial spaces, currently occupied by The Coffee Studio and Piatto Pronto, a local deli.

The building is conveniently located less than 1 mile from both the Bryn Mawr and Berwyn Red Line CTA stations and several bus stops.

Additionally, Essex Realty brokered the sale of 1547 W. Walton Street, a four-unit multifamily property located in Chicago’s Noble Square neighborhood.

The team of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd represented the local sellers in this transaction. Within a short timeframe, Essex led an extensive marketing campaign which resulted in multiple property tours. The property was ultimately sold to a local investor for a purchase price of approximately $1,200,000. Essex Principal Jordan Gottlieb represented the buyer.

“1547 Walton was the perfect opportunity for first time or smaller investors looking for a 100% occupied, stabilized property in a quickly appreciating neighborhood,” explains Steinher. She continued, “The units are well designed, and each apartment features a gas fireplace and master bedroom with an ensuite and walk-in closet.”

1547 W. Walton Street is a legal four-unit multifamily apartment building located on the border of Noble Square and Ukrainian Village in West Town. The unit mix is comprised of three 3 bed/2 bath apartments and one 2 bed/2 bath garden apartment. Each unit is equipped with individual HVAC, individual hot water tanks, in-unit laundry, hardwood floors, fireplaces, and kitchens with granite countertops, tile backsplashes, and built-in wine racks. The property also has a brand-new roof with transferrable warranty, individual storage units, and six tandem parking spaces.

Finally, Essex also brokered the sale of 8200 S. Maryland Avenue, a 25-unit multifamily property located in the South Side’s Chatham neighborhood and 1235 W. 81st Street, a 10-unit multifamily property located in the South Side’s Auburn Gresham neighborhood.

Essex Director Brian Mond represented the buyer in both transactions. The out-of-state buyer intends to start a management company in order to operate their recent multifamily purchases on Chicago’s south side. Mond, who leads Essex’ South Side multifamily brokerage team, helped the buyer identify these multifamily opportunities at a time when portfolio opportunities were limited.

Mond explains, “The buyer had not purchased in Chicago before but saw potential and value-add opportunities in the multifamily properties located throughout Chicago’s South Side neighborhoods. Because our buyer was looking to accumulate a large number of units at once and portfolio opportunities in these specific neighborhoods were slim, we introduced the idea of buying from multiple sellers at once rather than finding one seller with that exact unit count.” He continued, “I congratulate all involved in these transactions. In addition to working with multiple sellers, the buyer was also working with 1031 exchange time limitations.”

8200 S. Maryland Avenue closed for $1,310,000 and 1235 W. 81st Street closed for $740,000.

Located just west of South Shore, Chatham and Auburn Gresham are two highly sought-after neighborhoods that yield great investment returns. Both neighborhoods feature multiple modes of public transit and a number of new retail developments.

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

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