Essex Realty Group Sells 154-Unit East Chatham Portfolio For $7.4M

Essex Realty Group, Inc. has announced the sale of a four-property East Chatham portfolio located at 7945 S. Drexel Avenue, 7948 S. Ingleside Avenue, 8044 S. Ingleside Avenue, and 8034 S. Ellis Avenue in Chicago, IL. The portfolio consists of four courtyard buildings with a total of 154 units. The sale was completed for a price of $7,375,000, with each unit priced at approximately $47,890.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,375,000
• Units: 154
• Price Per Unit (PPU): $47,890
• Market: East Chatham, Chicago

The buyer of the portfolio is an out-of-state investor who recognized the value-add investment opportunities in the Chatham neighborhood. Brian Mond, the Director of Essex Realty, represented the buyer in the transaction. Mond, who leads Essex Realty's South Side multifamily brokerage team, specializes in identifying investment opportunities throughout Chicago's South Side.

Mond commented on the transaction, stating, "Chatham, located just southwest of South Shore, proves to have similar qualities and a high yield of value-add investment opportunities. I congratulate all involved in these transactions."

In addition to this portfolio sale, Mond's team recently closed the sale of another Chatham multifamily investment property at 8200 S. Maryland Avenue, a 25-unit apartment building sold for $1,310,000. The team is actively marketing multiple Chatham-area opportunities, including 404 E. 79th Street, a 20-unit mixed-use building, and 720 and 740 E. 79th Street, two properties comprised of a total of 67 units located on opposite corners.