Chicago-based multifamily brokerage firm Essex Realty Group, Inc recently facilitated the sale of 2904 West Belmont Avenue, a 21-unit multifamily building located in Chicago's Avondale neighborhood. The property was sold for $7,800,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,800,000
• Address: 2904 W Belmont Ave
• Market: Avondale, Chicago
• Units: 21
• Price Per Unit: $371,429
• Square Footage: 32,000
• Price Per Square Foot: $244

The seller, a nationwide investor, hired Essex Realty Group, Inc to market 2904 West Belmont Avenue. The property generated a lot of interest, with a dozen property tours and nine offers. The buyer, represented by Essex Realty Group, Inc, purchased the property.

2904 West Belmont Avenue was originally developed as condominiums in 2008 and has since been converted to apartment units. The units have an average size of 1,500 square feet and feature high-end condo-quality finishes, including stainless steel appliances, granite counters, hardwood floors, in-unit laundry, and attached outdoor space. The property also offers 25 garage and surface parking spaces. Additionally, the building has a common rooftop deck with city views. The location is convenient, with easy access to the I-90 expressway, CTA Blue Line, and multiple bus stops.

This transaction demonstrates the strong demand for stabilized properties in Chicago's apartment leasing market. The buyer recognized the potential for immediate rental upside and made an excellent acquisition.