Essex Realty Group Brokers Sale of 78-Unit Jackson Park Highlands Apartment Building

Essex Realty Group, Inc. is pleased to announce the sale of 6700 S. Constance Avenue, a 78-unit apartment building located across the street from Jackson Park in Chicago’s Jackson Park Highlands neighborhood.

“6700 S. Constance sits in a great location directly across the street from the proposed $60 million dollar Tiger Woods golf course redevelopment project and less than a mile from the lakefront trail and South Shore Beach. These projects continue to excite buyers and drive investor demand,” said Essex Director Brian Mond.

Mond, represented the sellers, a local family who owned the building for more than 40 years. Mond adds, “the family decided to sell to take advantage of the strong appetite for properties in Chicago’s South Shore area. The market proved hungry and a contract was agreed to after 12 property tours spanning the first three weeks of being on the market.”

The buyer, a real estate group based in New York with significant holdings in Chicago, purchased the property for approximately $4,300,000. Essex Principals Jim Darrow and Jordan Gottlieb with Essex Director Jordan Multack represented the buyer.

This property presented a prime value-add opportunity for the buyer as the units feature vintage finishes and below market rents while the property features recent capital improvements including new porches and a new boiler system.

As the new year begins this South Shore area remains active as Essex Realty Group just listed a 62-unit multi-family apartment building at 6800 S. Dorchester.