Essex Realty Group, Inc. is pleased to announce the sale of 2018-2020 W. Farwell Avenue, a 49-unit multifamily property located in Chicago’s Rogers Park neighborhood. The Property was owned and managed by the same family for more than 50 years, which provided investors substantial opportunity to improve the physical condition, increase rents, and streamline expenses. The Property is situated steps from multiple CTA bus stops, 0.5 miles from the Rogers Park UP-N Metra Station and 0.9 miles to the Morse Red Line stop.
The Property represented an exceptional value-add opportunity. The vintage building is comprised of twenty-eight 1 bed/1 bath apartments, twenty-one 2 bed/1.5 bath apartments, and twenty-nine parking spots. The Property also included approximately 5,000 square feet of unused basement space that could be repurposed to a variety of amenity spaces. The buyer intends to update the unit interiors and common areas, which are currently in their original vintage condition.
This is the second Rogers Park apartment building closed by Essex in the last month as 2317 W. Chase Avenue closed in March.
- Essex conducted an extensive marketing campaign, generating 30+ tours and 12 offers
- Rarely available asset; Owned and managed by the same family for more than 50 years
- Strong unit mix with spacious, well laid out floor plans and 29 parking spaces
- Multiple physical and operational value-add opportunities