Rogers Park Multifamily Trades After Five-Decade Hold
Essex Realty Group closed the sale of 2018-2020 W. Farwell Ave., a 49-unit multifamily property in Rogers Park. The firm’s 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.
Essex principals Jim Darrow and Jordan Gottlieb represented the buyer, a local investor. The property closed for approximately $5,450,000.
Varde said, “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 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 past month, following 2317 W. Chase Ave. 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.Read Full Article at Connect Chicago