Connect CRE

West Ridge Apartments Find Buyer After Two Weeks on Market

November 14, 2022

Essex Realty Group, Inc. recently facilitated the sale of 6118 N. Claremont Ave., a seven-unit multifamily property in Chicago’s West Ridge neighborhood.

Directors Rick Ofman and Matt Feo led Essex’ efforts, generating several tours and offers in just two weeks. The property sold to a local investor for $1,400,000, a sale price reflecting a 5.79% cap rate and 10.77 GRM. Ofman and Feo represented both the buyer and seller.

“This was an excellent acquisition,” said Feo. “The property is in great physical and cosmetic condition. The units are spacious, bright, and have all the in-unit amenities one needs. The buyer of the property recognized that there is a shortage of high-end units like these in this neighborhood.”

The property is located near multiple bus routes along Peterson and Western avenues, and one mile west of the future Edgewater Metra Station.

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Tagged in this post: Matt Feo , Rick Ofman