Chicago's Uptown Multifamily Property Sells For $1.635M With Buyer's Rep Matt Feo

The six-unit multifamily property located at 921 W. Wilson Avenue in Chicago's Uptown neighborhood has been sold for $1,635,000. The property, situated just a few blocks east from the newly renovated Wilson CTA station, offers a prime location in a rapidly transforming neighborhood. The unit mix consists of two- and three-bedroom floorplans, providing spacious living spaces for the residents. With its extra-large lot size and future redevelopment potential, this property presented investors with multiple value-add strategies in a quickly appreciating area close to the lake and public transportation.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,635,000
• Units: 6
• Price Per Unit: $272,500
• Address: 921 W. Wilson Avenue
• Market: Uptown, Chicago

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. facilitated the sale of 921 W. Wilson Avenue. The seller, a local investor, enlisted the expertise of the Essex Realty Group team, including Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd, to exclusively market the property. Within a two-week timeframe, an extensive marketing campaign led by Essex Realty Group resulted in more than six property tours. Approximately eight weeks later, the property was sold to a local developer for $1,635,000. Matt Feo, a director at Essex Realty Group, represented the buyer in the transaction.

As described by Matt Feo, the buyer of 921 W. Wilson Avenue was attracted to this investment opportunity due to the property's exceptional location, spacious apartment floorplans, large lot size, and potential for future redevelopment. Jaimie Steinher highlights the ongoing transformation of Uptown into a premier lakefront neighborhood, thanks to investments from both the private and public sectors. The sale of 921 W. Wilson Avenue further exemplifies the area's increasing value and desirability.