Essex Realty Group Announces Sale Of Multifamily Property In Rogers Park For $5.45M

Essex Realty Group, Inc. has announced the sale of a 49-unit multifamily property located at 2020 W. Farwell Avenue in Chicago’s Rogers Park neighborhood. The property was sold by a local family partnership who had owned it for over 50 years. The transaction was facilitated by the team of Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd from Essex Realty Group. Jim Darrow and Jordan Gottlieb, also from Essex Realty Group, represented the buyer, a local investor. The sale closed for approximately $5,450,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,450,000
• Price Per Unit: $111,224
• Units: 49
• Date: 04/01/2021
• Address: 2020 W. Farwell Avenue, Rogers Park, Chicago

The 49-unit apartment building features 28 one-bedroom and 21 two-bedroom apartments, along with 29 parking spots. Additionally, the property includes approximately 5,000 square feet of unused basement space that could be repurposed for various amenity spaces. The buyer intends to update the unit interiors and common areas, which are currently in their original vintage condition. The property is conveniently located 0.5 miles from the Rogers Park UP-N Metra Station and 0.9 miles from the Morse Red Line CTA Station.

This transaction marks the second Rogers Park apartment building closed by Essex Realty Group in the last month. Previously, the company closed the sale of a property located at 2317 W. Chase Avenue in March.