Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1659 W. Huron Street, a nine-unit multifamily property located in Chicago’s popular West Town neighborhood. The property ultimately sold to a local investor and repeat Essex buyer for $1,835,000, which equates to $203,888 per unit. The unit mix is comprised of studio, one- and two-bedroom floorplans. Seven of the apartments have been tastefully renovated to include new kitchens with stainless steel appliances, updated bathrooms, and laundry in-unit. The property presents a value-add opportunity as a new investor can further renovate the remaining two vintage apartment units. The property benefits from the neighborhood's low vacancy rates, rising rents, and close proximity to public transportation.

Summary of transation details

• Property Type: Multi Family
• Transaction Amount: $1,835,000
• Date: 01/28/2022
• Address: 1659 W. Huron Street
• Market: West Town, Chicago
• Buyer: Nick Stocking
• Broker: Jordan Multack - Essex Realty
• Units: 9
• Price Per Unit (PPU): $203,889

Director Jordan Multack and the Essex team led an extensive marketing campaign resulting in multiple offers. “1659 West Huron is a coveted corner trophy building in the West Town Neighborhood. Investors were drawn to this opportunity to own one of the most iconic buildings in the neighborhood, just two blocks south of the booming strip of restaurants, bars, and retail shops on Chicago Avenue. This property is a piece of Chicago history as it is believed to have been built a year before the Chicago Fire,” explained Multack. Essex is active in West Town, currently, 858 North Wood, 1856 West Chicago, 1342-44 West Ohio are all under contract.