Essex Realty Group Brokers Sale of Lincoln Park Apartment Building, Again

February 07, 2020

Essex Realty Group, Inc. is pleased to announce the sale of 916 W. Willow Street, a 4-unit apartment building located in Chicago’s popular Lincoln Park neighborhood.

In 2015 Essex sold the property to the current seller for a price of approximately $1.1 million. At the time, 916 W. Willow presented the buyer with a value-add opportunity with out-of-date finishes. A number of potential buyers also sought to convert the property into a single-family home. 

After renovations to both the building mechanical systems and the interior of the units, the seller, a local investor, was able to transform the property into a turn-key, stabilized property. The seller was represented by Essex Principals Doug Imber and Kate Varde and Essex Director Clay Maxfield.

“One of the exciting attributes about this property is that it is just steps from the planned Lincoln Yards South Site and a number of thoughtfully planned developments to come including the 606 Extension, a new Metra station and a water taxi stop,” said Maxfield.

The buyer, a local investor, purchased the property for approximately $1,630,000 which equates to $407,500 per unit. Essex Principals Jim Darrow and Jordan Gottlieb plus Essex Director Jordan Multack represented the buyer.