Essex Realty Group Inc., a Chicago-based multifamily brokerage, recently sold a 27-unit apartment block in Chicago’s Lincoln Park neighborhood. The property’s thoughtful design choices, as well as the below-market rents, attracted many investors who visited it.
The sellers hired Jordan Gottlieb to market the property. The extensive marketing campaign by Essex resulted in 12 tours and multiple offers. The property was sold for $8,100,000. This is a 5.27% caprate.
A strong selling point was the location at Lincoln Park’s western end. It is close to many public transportation options.