Connect Chicago
South Shore Portfolio Snapped Up by Out-of-State Buyer
October 13, 2020

Essex Realty Group closed the sale of the 34-unit 7748 S. Kingston Ave. and 18-unit 7400 S. Chappel Ave. in the South Side’s South Shore neighborhood.

The portfolio was purchased by an out of state investor for approximately $2,230,000. Essex director Brian Mond was the broker on the transaction.

This portfolio presented the opportunity to acquire two well-positioned value-add apartment buildings with additional rental upside. During the marketing process, Essex generated 10 showings and multiple offers to purchase the property.

“The South Shore neighborhood continues to prove to be a strong market for rentals and investments,” said Mond. “Occupancy is still high and collections are better than everyone anticipated.”

He added, “The recent investments to enhance the South Shore Metra Electric line and the community initiative INVEST South/West are great examples of some of the different ways the city is reinvesting in these South Side communities.”

Since 1990, Essex Realty Group, Inc. has served Chicago's investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

Read Full Article at Connect Chicago
Tagged in this post: Brian Mond