Essex Sells $3.8M Multifamily Property in Belmont Cragin

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 6112 W. Diversey Avenue, a 24-unit multifamily building located in Chicago’s Belmont Cragin neighborhood.

Essex director Derek Kaptanoglu was hired by the seller to exclusively market the property for sale. Within a four-week timeframe, Essex led an extensive marketing campaign resulting in multiple offers to purchase the property. The property sold within 95% of the list price to a local investor for $3,875,000. At $161,458 per unit, according to CoStar Comps, this marks the highest price per unit for a multifamily property of four or more units located in the Cragin and Belmont Central neighborhoods in the last 12 months. Essex managing director Brian Karmowski represented the buyer, a local investor, in this transaction.

6112 W. Diversey Avenue is a 24-unit apartment building comprised of all two-bedroom units. Completed in 2008, the apartment units have large floorplans with condo-quality finishes, individual HVAC, and laundry in-unit. There are 25 parking spaces on-site.