Essex Realty Group Acquires Multifamily Properties In South Side Chicago For $2.05M

Essex Realty Group, Inc. has announced the sale of two multifamily properties on the South Side of Chicago. The first property, located at 8200 S. Maryland Avenue in the Chatham neighborhood, consists of 25 units. The second property, located at 1235 W. 81st Street in the Auburn Gresham neighborhood, consists of 10 units. The buyer, represented by Essex Director Brian Mond, acquired both properties for a total sale price of $2,050,000.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $2,050,000
• Address: 8200 S. Maryland Avenue & 1235 W. 81st Street
• Market: South Side, Chicago
• Units: 35
• Price per Unit (PPU): $58,571

Brian Mond, as the representative of the buyer, played a crucial role in these transactions. The buyer, who is based out of state, plans to establish a management company to oversee their newly acquired multifamily properties on the South Side of Chicago. Mond, leading Essex Realty Group's South Side multifamily brokerage team, identified these investment opportunities at a time when portfolio options were limited.

Mond explains that the buyer was specifically interested in accumulating a significant number of units in Chicago's South Side neighborhoods, recognizing their potential and value-add opportunities. Given the scarcity of portfolio opportunities in these specific areas, Mond proposed the strategy of purchasing from multiple sellers to achieve the desired unit count. Despite the challenges of working with multiple sellers and the time restrictions of a 1031 exchange, the transactions were successfully closed.

The property located at 8200 S. Maryland Avenue was acquired for $1,310,000, while the property at 1235 W. 81st Street was purchased for $740,000. The Chatham and Auburn Gresham neighborhoods, situated just west of South Shore, are highly sought-after areas with excellent investment returns. These neighborhoods offer convenient access to multiple modes of public transportation and are experiencing ongoing retail development.