Out-of-Town Buyer Scores Uptown Apartment Property

Essex Realty Group recently facilitated the sale of 4635-4637 N. Winthrop Ave., a six-unit multifamily property in the North Side’s Uptown neighborhood. An out-of-town investor purchased the property for $1,295,000, or $215,833 per unit.

The seller, a local investor, hired Essex principal Jim Darrow and director Jaimie Steinher to market the property for sale. It contains six expansive two-bed/one-bath apartments.

Three of the six units were newly updated, yielding higher rent compared to the other three. The new owner plans to move forward with this proven strategy, renovating the remaining units.

“Uptown’s transformation into a premier lakefront neighborhood is continuing to gain steam thanks to an influx of private and public investment,” said Steinher. “The property provided investors with the opportunity to acquire a quality asset with rental upside in a quickly appreciating area close to the lake and public transportation.”