Out-Of-State Investor Acquires 81-Unit Apartment Building In Jackson Park Highlands For $5.55M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 6720 S. Jeffery Boulevard, an 81-unit apartment building located in the South Side’s Jackson Park Highlands neighborhood. The property was sold to an out-of-state investor for $5,550,000, at a price of $68,518 per unit.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,550,000
• Address: 6720 S. Jeffery Boulevard
• Market: Jackson Park Highlands
• Number of Units: 81
• Price Per Unit: $68,518

Essex Realty Group, Inc. facilitated the sale of 6720 S. Jeffery Boulevard in Jackson Park Highlands. Brian Mond, the director at Essex Realty Group, Inc., was hired by the sellers to exclusively market the property. He led an extensive marketing campaign that attracted seven offers for the property. The buyer was represented by Finley Askin, the director at Chicago Real Estate Resources.

Investors were drawn to this listing because of the unit count, ideal location, and value-add opportunity, according to Mond. The property is located on the west side of Jeffery Boulevard, just steps away from Jackson Park, a 550-acre park along the shores of Lake Michigan. The amenities of the property include a fitness center and laundry facility.

This is the second time Brian Mond has been involved in the sale of 6720 S. Jeffery Boulevard. He previously helped the current sellers purchase the property in 2016 for $3,150,000.