ReJournals | Illinois Multifamily

Essex sells two new construction multifamily assets near 606 trail

January 11, 2022

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of two multifamily properties located in Chicago’s popular Logan Square neighborhood, 1701 N. Kedzie Avenue and 1846 N. California Avenue.

Essex director Jordan Multack was hired by a local investor to exclusively market the properties for sale. The Essex team led an extensive marketing campaign resulting in multiple offers for each property. 1701 N. Kedzie Avenue sold for $3,240,000, or $360,000 per unit, and 1846 N. California Avenue sold for $2,150,000, or $358,333 per unit. Multack also represented the buyer in these transactions.

1701 N. Kedzie Avenue is a nine-unit multifamily property comprised of a mix of two- and three-bedroom apartments. Three apartments are large three-bedroom duplex units while the other six are spacious two-bedrooms. Approximately one-half mile east of 1701 N. Kedzie Avenue sits 1846 N. California Avenue, a six-unit multifamily property. The property is comprised of spacious two-and three-bedroom apartments and each three-bedroom apartment is a duplex unit. Both properties are located in a prime pocket of Logan Square, within one block of The 606 Trail and Chicago’s beautiful Humboldt Park.

“These new construction properties both offered an investor the opportunity to purchase turn-key assets in a great location. The properties are conveniently located near the 606 Trail, an excellent amenity for residents, as well as in proximity to Armitage Avenue, one of Logan Square’s ‘restaurant rows’ filled with hip restaurants, bars and entertainment options,” explained Multack.

The properties were built in 2012/2014 and have apartments with large floor plans. The finishes are similar in both buildings with each apartment containing gourmet kitchens, individual HVAC, washer/dryer in-unit, fireplaces in the living rooms, rear decks, hardwood floors throughout, and private gated or garage parking. The kitchens have stainless steel appliances, custom backsplashes and beautiful granite countertops. The primary bedrooms have an en-suite bathroom with separate soaking tub and dual sinks.

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