Essex Realty Group Brokers $4.3M Sale Of Mixed-Use Property In Wicker Park, Chicago

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $4.3 million sale of 2351 W. North Avenue, a seven-unit luxury new construction mixed-use property located in Chicago’s vibrant Wicker Park neighborhood. The property consists of six 4 Bed/4 Bath apartments (approximately 2,500 SF each) and one commercial space. It features high-end finishes such as custom dual-tone kitchen cabinets, honed marble backsplash, quartz countertops, private balconies, and a common area rooftop deck. The property was recently completed and sold for approximately $614,285 per unit, setting a new record for the highest price per unit in the Wicker Park neighborhood. It is conveniently situated on the south side of North Avenue, just east of Western Avenue. The location provides quick access to the 606, as well as the Western and Damen Blue Line CTA stations.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $4,300,000
• Units: 7
• Price Per Unit: $614,285
• Broker: Steve Livaditis - Essex Realty Group, Inc.

Essex Principal Steven Livaditis represented the seller, a local developer/investor, in this transaction. The buyer, a 1031-trade buyer, set an all-time high for price per unit in the Wicker Park neighborhood. The transaction closed within 30 days of contract. Livaditis stated, "This is another example of the demand for high-quality real estate located in fundamentally strong northside neighborhoods. Although most of the building was still in lease-up mode prior to closing, all the parties felt extremely confident that the projected rents were attainable given the rental demand for these types of luxury units."

Note: Wicker Park Apartment Building Trades Setting the Bar for the Highest Price Per Unit in that Market