Essex Realty Group Executes Successful Sale of Old Irving Park New Construction Building

Chicago Multifamily Transaction Overview

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., announced the sale of a new construction building at 3941 N. Keeler Ave., also known as Centrum Old Irving, located in Chicago’s popular Old Irving Park neighborhood.

Property Highlights: 3941 N. Keeler Ave

Unit Mix and Renovations

The property included 27 units with an adjacent 4-unit structure.

Modern Amenities and Features

Completed in 2017, each of the 31 spacious units boast upscale designer finishes, featuring stainless steel appliances, quartz countertops, and Italian cabinetry.

Prime Location in Old Irving Park

Transit and Accessibility

Positioned at the southeast corner of Irving Park Road and Keeler Avenue, Centrum Old Irving offers unparalleled access to transportation hubs such as the Irving Park Metra and Irving Park “L” Stations. Proximity to the CTA Blue Line, UP-NW Metra Line, and the 90/94 Expressway ensures effortless commuting options for tenants. Moreover, with multiple bus stops nearby, tenants can seamlessly navigate the city.

Neighborhood Appeal for Investors

“As one of the only new construction buildings in the Old Irving neighborhood, Centrum Old Irving stood out as a rare opportunity to acquire a stabilized luxury building on a beautiful tree lined street and adjacent to multiple transportation options.” said Jordan Gottlieb, Principal at Essex Realty Group, Inc.

Essex Realty Group’s Role in the Transaction

Throughout the marketing phase, Centrum Old Irving hosted over 15 tours, attracting significant interest from prospective buyers. Ultimately, the property garnered multiple offers, with the buyer engaging in a 1031 exchange. The transaction shows the property’s desirability and its status as a rare find in a neighborhood lacking comparable new construction offerings.

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Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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