Essex Realty Group Sells Mixed-Use Property In Edison Park, Chicago For $4M

Essex Realty Group, Inc. has successfully closed the sale of a mixed-use property located at 7240 W. Devon Avenue in the Edison Park neighborhood of Chicago. The property, which features newer construction and luxury amenities, was sold within days to a repeat buyer for approximately $4,000,000.

Summary of transation details

• Property Type: Mixed-use
• Transaction Amount: $4,000,000
• Address: 7240 W. Devon Avenue, Edison Park, Chicago
• Market: Edison Park, Chicago
• Total Units: 13
• Price per Unit: $307,692 (10 apartments + 3 commercial spaces)

The luxury property consists of 10 modern apartments with condo-quality finishes and three ground floor commercial spaces. The anchor retail tenant is Dunkin' Donuts, which attracts a large number of customers daily. The apartments feature spacious floorplans and offer high-end amenities, including a communal outdoor Skydeck lounge. At the time of sale, the property was 100% leased with no deferred maintenance.

The sale was facilitated by Essex Principal Steve Livaditis and Director Matt Feo, who exclusively marketed the property on behalf of a local ownership group. The buyer was represented by Essex director Jordan Multack. The property's prime location, just steps away from public transportation arteries and downtown Park Ridge, contributed to its appeal to premier tenants in the market.

Situated on the northwest corner of Devon Avenue and Northwest Highway, the property offers convenient access to the Edison Park and Norwood Park Metra Train Station, located less than 1 mile away. The surrounding area also boasts a vibrant commercial corridor with numerous restaurants, retailers, and green space for residents to enjoy.