33-Unit Multifamily Building Trades for $6M in Rogers Park

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC, is pleased to announce the sale of 2038-2048 West Touhy Avenue, a 33-unit apartment building located in Chicago’s Rogers Park neighborhood. The property sold for $6,00,000.

Essex Principals Jim Darrow and Jordan Gottlieb, along with Director Brian Keegan represented the seller in the transaction. Principal Matt Feo and Director Abe Eilian represented the buyer.

“2038 West Touhy was beautifully renovated with the intention of selling the units as condominiums in 2008. Thus, the apartments live more like homes than apartments which provides a strategic advantage over surrounding properties in the neighborhood,” says Jordan Gottlieb, Essex Principal.

Property Features at 2038–2048 West Touhy Avenue

The property sits on a triangular lot and offers a unit mix primarily composed of two-bedroom apartments, along with studios, one-bedroom, and three-bedroom units. Renovated in 2008 with a condominium-quality scope, the building features individual HVAC, updated electric service and panels, new plumbing, in-unit laundry, and new rear porches.

Interiors include hardwood floors, stainless steel appliances, granite countertops with kitchen islands, and tiled bathrooms.

Strong Investor Interest During the Marketing Process

During the marketing process, the property attracted significant investor interest due to its larger unit layouts, strong in-place operations, and quality renovations. The asset’s scale and condo-level finishes provided buyers with a stabilized investment opportunity in one of Chicago’s most established North Side neighborhoods.

Acquisition Financing Secured Through Local Bank

Financing for the acquisition was arranged by the Essex Capital Markets team of Directors Asher Motew and Quinn Keenan, who secured a competitive loan through a local bank.

Continued Investment Activity in Rogers Park

Situated on Touhy Avenue just south of Rogers Avenue, the property is within walking distance of the Rogers Park Metra Station and less than one mile from the Jarvis CTA Red Line station, offering direct access to downtown Chicago and the North Shore. Residents also benefit from proximity to Loyola University Chicago, Loyola Park and beach along Lake Michigan, and neighborhood amenities such as the Glenwood Sunday Market.

Rogers Park continues to attract multifamily investors due to its strong renter demand, diverse housing stock, and access to both public transit and lakefront recreation. The neighborhood’s connectivity to downtown and the North Shore, combined with its established residential character, supports long-term stability and consistent occupancy.

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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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