Essex Realty Group, Inc. is pleased to announce the sale of 2934 North Milwaukee Avenue, an 18-unit mixed-use property situated in Chicago’s sought-after Avondale neighborhood and anchored by a newly executed 15 year lease with JPMorgan Chase, the nation’s largest bank.

The building contains 13 loft-style apartments that were completely renovated in 2005 and feature oversized ceiling heights, large windows and exposed brick walls. The apartments are comprised of one and two bedroom units with great layouts, hardwood floors, granite countertops, stainless steel appliances, in-unit laundry, individual HVAC, and charming exposed brick walls.

The 5 retail spaces covering 24,600 square feet are fully leased and anchored by a newly executed 15 year lease with JPMorgan Chase. This tenant’s exceptional creditworthiness and stability are rare and highly desirable, adding immediate value to the property. This tenancy significantly enhances the property’s long-term investment potential and reinforces its desirability. The remaining spaces are leased to long term and stable local tenants who benefit from the great location and 25 car surface parking lot. 3 of the 5 spaces are significantly under market with lease expirations approaching in the next 2-3 years.

Essex Realty Group, Inc. conducted an extensive marketing campaign resulting in 17 tours and over 5 offers. Financing for the buyer was secured by Essex Capital Markets.

Avondale is located on the Northwest side of the city, close to the north branch of the Chicago River and less than 10 miles from Chicago’s Loop. Situated between the Victorian-era mansions on double lots in Old Irving and the stately Greystones along Logan Boulevard, Avondale continues to grow as artists, urban professionals, and young families move northwest along the ever-popular Milwaukee Avenue. The neighborhood offers convenient public transportation; the “L” Blue Line stops in the center and the northern edge of the area, while Belmont Avenue and Addison Street are lined with several CTA bus stops. Additionally, the Kennedy Expressway (I-90/94) runs through Avondale, providing residents easy access to downtown and the Chicagoland area suburbs.

2934 North Milwaukee is located on the south side of Milwaukee Avenue, just east of Central Park Avenue, where there is an array of diverse eateries, revered bars, and specialty shops. Additionally, the property is located a half mile from both the Belmont & Logan Square Blue Line CTA stations, in close proximity to numerous bus stops, and just over a mile to the Kennedy Expressway & Healy Metra Train Station, providing tenants with excellent transportation options.

• Financing Secured by Essex Capital Markets
• Newly Executed 15 Year Lease with JPMorgan Chase Bank Branch
• Complete Renovation of All Apartments and Mechanical Systems in 2005
• One Bed Rents Average $1,583 & Two Bed Rents Average $1,904
• Incredible Features Throughout Apartments Including High Ceilings, Exposed Brick, and Oversized Windows
• Opportunity to Substantially Increase Rental Income Through Cosmetic Renovation of 2005 Finishes
• Remainder of Retail Leased to Stable Neighborhood Tenants With Under Market Leases
• 25 Car Surface Parking Lot