The recently closed transaction involves the sale of a beachfront apartment building located at 1051 W. Pratt Boulevard in Chicago's East Rogers Park neighborhood. The property, operated by a long-term owner for over 30 years, was marketed for sale by Steven Livaditis and Jacob Goldstein of Essex Realty Group, Inc. Within just two days of marketing, the property received multiple offers and was successfully sold to a local entity. The sale price for the property was $3.4 million, and the transaction closed at the full list price after four weeks.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,400,000
• Market: Chicago
• Address: 1051 W Pratt Blvd
• Brokers: Steve Livaditis & Jacob Goldstein - Essex Realty Group
• Units: 16
• Price per Unit: $212,500

This significant sale was facilitated by the Essex team, who generated an impressive amount of activity for this unique opportunity. The apartment building is one of the few in Chicago that sits directly on the beach, providing most of the apartments with breathtaking lake views. Livaditis and Goldstein highlighted multiple value-add opportunities, which contributed to the high level of interest in the property. The design of the building includes one and two-bedroom apartments, as well as garage parking.

Overall, this successful sale demonstrates the expertise of Essex Realty Group, Inc. in the multifamily brokerage sector. Their efficient marketing strategy and ability to attract multiple offers within a short period of time resulted in a swift and profitable transaction for the sellers.