Multi-Housing News

Essex Realty Brokers Chicago-Area Deal

June 29, 2020

Essex Realty Brokers Chicago-Area Multifamily Deal

The brokerage firm assisted both parties in the disposition of the 48-unit luxury asset in Lake Zurich, Ill.

Essex Realty Group has brokered the $10.1 million sale of Somerset by the Lake, a 48-unit luxury community in Chicago’s Lake Zurich suburb.

The brokerage firm assisted both parties, local investors, in the deal. Principal Jordan Gottlieb, Principal Jim Darrow and Director Jordan Multack represented the seller, while Principals Doug Imber and Kate Varde, together with Directors Clay Maxfield and Jaimie Steinher, acted on behalf of the buyer.

Located on 1.4 acres at 40 and 60 W. Main St., the two-building property developed by Foxford Communities came online in 2019. The unit mix features one- and two-bedroom apartments which include stainless steel appliances, quartz countertops, walk-in closets and central HVAC.

The downtown community is alongside the shores of Lake Zurich just south of Breezewald Park, a recreation area featuring a sand beach and the new Sunset Pavilion and Beer Garden. Village Square and Lake Zurich Retail Center are both roughly a mile from the property.

In March, an Essex Realty Group team arranged the sale of a 17-unit luxury community in Chicago’s Buena Park neighborhood. The high-end property traded for almost $7 million in a 1031 exchange.

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.

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