Rogers Park Apartment Building Sells For First Time In 50 Years
CHICAGO, IL – 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 team of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd represented the seller, a local family partnership who had owned the property for more than 50 years. This Essex team conducted an extensive marketing campaign resulting in more than 30 property tours and 12 offers. The property closed for approximately $5,450,000. Essex Principals Jim Darrow and Jordan Gottlieb represented the buyer, a local investor.
2020 W. Farwell Avenue is a 49-unit apartment building featuring twenty-eight 1 bed/1 bath apartments and twenty-one 2 bed/1.5 bath apartments plus twenty-nine parking spots. The building also included approximately 5,000 square feet of unused basement space that could be repurposed to a variety of amenity spaces.
According to Varde, “There is significant investor demand today for well located, value-add opportunities, particularly of the size and scale of Farwell.”
The buyer intends to update the unit interiors and common areas, which are currently in their original vintage condition. The property is conveniently located 0.5 miles from the Rogers Park UP-N Metra Station and 0.9 miles from the Morse Red Line CTA Station.
This is the second Rogers Park apartment building closed by Essex in the last month as 2317 W. Chase Avenue closed in March.
Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit https://essexrealtygroup.com for access to our multi-family listings and more information.