Two Properties, Two South Side Neighborhoods, One Buyer
Essex Realty Group closed the sale of 8200 S. Maryland Ave., a 25-unit multifamily property in Chatham, and 1235 W. 81st St., a 10-unit property in Auburn Gresham. Both traded to the same out-of-state buyer, who intends to start a management company to operate them.
Director Brian Mond, who leads Essex’s South Side multifamily brokerage team, helped the buyer identify these acquisitions at a time with limited portfolio opportunities.
“The buyer had not purchased in Chicago before but saw potential and value-add opportunities in the multifamily properties located throughout Chicago’s South Side neighborhoods,” said Mond. Because the buyer wanted to accumulate a large number of units at once and portfolio opportunities in these neighborhoods were slim, “we introduced the idea of buying from multiple sellers at once rather than finding one seller with that exact unit count.”
8200 S. Maryland closed for $1,310,000 and 1235 W. 81st closed for $740,000.
Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.
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