Essex Realty Group Sells Multifamily Property In Chicago's Ravenswood Neighborhood For $4.2M

Essex Realty Group, Inc. has announced the sale of 4540 N. Ravenswood Avenue, a newly constructed multifamily property situated in Chicago's desirable Ravenswood neighborhood. The property, which features luxurious one, two, and three-bedroom units, was marketed for sale by Essex Principal Steve Livaditis on behalf of an out-of-town owner. The marketing campaign generated significant interest, resulting in 14 property tours and five offers. Ultimately, the property was sold to a local investor for approximately $4,200,000.

Summary of transation details

• Property Type: Multifamily
• Sale Price: $4,200,000
• Address: 4540 N. Ravenswood Avenue, Chicago, IL
• Market: Chicago, IL

"This was quite a unique offering. Constructed by a prominent developer, there was no cutting of corners with this project. The apartments have custom finishes throughout, and the floorplans were incredibly spacious, including large outdoor terraces and rooftop decks. While many competing buildings were offering concessions going into 2021, our property experienced just the opposite, as several units released at 15%+ rent increases during the same period," Livaditis explained.

The 10-unit trophy asset, delivered in July 2019, offers a variety of floorplans, including simplex, bi-level, and tri-level layouts. The property boasts intelligently designed interiors with modern amenities and parking. Additionally, it is conveniently located within walking distance to the Metra Brown Line.