ReJournals | Illinois Multifamily

Essex Realty announces sale of two Chicago multifamily properties

November 29, 2021

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1940 W. Addison Street.

The seller, a local investor, hired the Essex team of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd to exclusively market the property for sale. After an extensive marketing campaign resulting in more than 15 property tours and six offers, a local investor purchased the property for $1,535,000. Shepherd represented the buyer.

1940-1942 W. Addison Street is a beautiful brick center-entrance six-flat, with six parking spaces, located in the heart of Chicago’s desirable Roscoe Village neighborhood. The unit mix is comprised of six large 2 bed/1 bath apartments. All six units have spacious layouts with separate kitchen and dining rooms, decorative fireplaces, hardwood floors, private patio space, and varying levels of kitchen and bath finishes. Of the six units, three were recently updated with stainless steel appliances, modern cabinetry, granite countertops, and renovated bathrooms. The property presented multiple value-add strategies including a proven strategy for updating the remaining units and raising rents to capture significant rental upside.

“1940 Addison was an exceptional location, positioned just west of Wrigleyville, just south of North Center, and in the heart of Roscoe Village. The long-term owner was a wonderful steward to the property, but the units are now ready to be brought to the next level,” explained Shepherd.

The property is ideally located 0.12 miles west of the Addison CTA Brown Line station, steps from numerous CTA bus routes, restaurants, and bars.

In addition, Essex also recently facilitated the sale of 7900-7920 N. Caldwell Avenue in the Chicago suburb of Niles. This 60-unit multifamily property is comprised of three buildings positioned around a communal grass courtyard. Each building is comprised of a mix of studio, one-, and two-bedroom apartment floorplans. Recently, 47 of the 60 apartment units were renovated.

Caldwell 7900 7920 Niles
7900–7920 N Caldwell Ave

The seller, a local investor, hired Essex Directors Abe Eilian and Matt Feo to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in more than 18 property tours. The property sold to a local investor for $6,375,000, which equates to $106,250 per unit. Essex Director Brian Mond represented the buyer.

“This is a unique time in the market and we are happy to be able to help an experienced buyer acquire this building. As interest rates remain low and the rental prices in the area continue to increase, we will see more exciting deals like this one happening,” said Mond.

7900-7920 N. Caldwell Ave. is situated on the west side of Caldwell Avenue, just south of Oakton Street, the complex is approximately three miles west of the new CTA Skokie Swift Station (Yellow Line) located at the corner of Skokie Boulevard and Oakton Street. In addition, the property is within walking distance of the Golf View Recreational Center to the south and the Miami Woods Forest Preserve to the north.

“There is a such a strong appetite for this type of product right now and we are very happy we were able to capitalize on it for our seller,” added Eilian.

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