Essex Realty Group Arranges Sale of 25-Unit HAP Contract Multifamily Property in Rogers Park

CHICAGO, ILLINOIS — Chicago based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the sale of 1701 W. Estes Ave., a 25-unit apartment building located at the corner of Estes Avenue and Paulina Street in Chicago’s Rogers Park neighborhood.

Property Overview: 1701 W. Estes Ave., Rogers Park

The well-maintained property is comprised of seven one-bedroom one-bathroom units, twelve two-bedroom one-bathroom units, and six three-bedroom one-bathroom units. Apartments feature sunrooms, hardwood floors, radiator heat, white appliances, and laminate countertops.

HUD HAP Contract Provides Long-Term Income Stability

The property participates in a Housing and Urban Development (HUD) Housing Assistance Program contract covering 100 percent of the apartments. The HAP contract is in place through June 30, 2034, and is subject to annual Automatic Operating Cost Adjustment Factor increases.

This long-term contract structure enhances income predictability and positions the Rogers Park 25-unit apartment building sale as a stable investment opportunity.

The transaction was arranged by Essex’ Principals Doug Imber and Kate Varde, along with Managing Director Rick Ofman, who represented the seller. Essex’ Principal Steve Livaditis represented the buyer.

According to Imber, “The Rogers Park neighborhood offers one of the best combinations of Naturally Occurring Affordable Housing (NOAH), assisted housing, and upgraded market housing anywhere in the city.”

Prime Rogers Park Location Near Metra and Retail Corridors

Situated just 0.2 miles from the Rogers Park UP-N Metra Station, 1701 W. Estes Ave. offers convenient transit access and walkability to neighborhood retail, dining, and commercial corridors. The location supports steady renter demand while maintaining proximity to Chicago’s broader North Side amenities.

Investment Fundamentals in Rogers Park’s Supply-Constrained Submarket

Rogers Park remains one of Chicago’s most established and supply constrained North Side submarkets, supported by strong transit connectivity, a diverse housing stock, and consistent rental demand. These fundamentals continue to attract investors seeking stable, long-term multifamily performance.

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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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