Connect CRE Chicago

“Low-Maintenance” Avondale Multifamily Sells to Local Investor

May 17, 2022

Essex Realty Group recently facilitated the sale of 3508-3516 N. Sacramento Ave., a 15-unit multifamily building located in the North Side’s Avondale neighborhood. The property was originally developed and built in 2014 and is comprised of three adjacent buildings.

An Essex team of Jordan Gottlieb and Matt Feo marketed the property. The property sold within 99% of the list price to a local investor for $4,525,000. Gottlieb and Essex principal Jim Darrow represented the buyer.

The property presented an investor with the opportunity to acquire a low-maintenance asset in an excellent Avondale location and to increase rents to market levels in the current condition or convert to condominiums.

“We saw tremendous interest in this property due to its attractive location and unit mix, but most importantly, as construction costs have continued to rise, we have seen increase investor demand for finished and stable properties,” said Gottlieb.

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Tagged in this post: Jim Darrow, Jordan Gottlieb, Matt Feo