Essex Realty Facilitates $4.5M Sale Of Mixed-Use Building In West Town, Chicago

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1355 W. Chicago Avenue, a 34-unit mixed-use building located in West Town, Chicago. The property consists of 31 vintage studio and one-bedroom apartment units and three occupied street level commercial spaces. With an extensive marketing campaign led by Essex Principals Jim Darrow and Jordan Gottlieb, as well as Associate Sarah Rider, the property attracted 43 property tours and received 13 offers. The buyer, represented by Brian Karmowski, Essex's managing director, acquired the property for a sale price of $4,500,000.

Summary of transation details

• Property Type: Mixed-use
• Transaction Amount: $4,500,000
• Address: 1355 W Chicago Ave
• Market: West Town, Chicago
• Units: 34
• Price Per Unit (PPU): $132,353
• Brokers: Jim Darrow, Jordan Gottlieb, Sarah Rider, and Brian Karmowski - Essex Realty

The sale of 1355 W. Chicago Avenue represents a significant investment opportunity, allowing the buyer to acquire 34-units in the West Town neighborhood, which is known for its smaller investment properties. The successful marketing campaign conducted by Essex Realty Group resulted in a high level of interest and competitive bidding, ultimately leading to the successful sale of the property.