Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 931-941 W. Carmen Avenue, a 61-unit corridor style building located in Chicago’s Uptown neighborhood. The sale also included an adjacent 100 sq. ft. x 130 sq. ft lot, currently used as a 51-car parking lot. This was the first time the property had been offered for sale in more than 25 years.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $9,950,000
• Units: 61
• Price Per Unit (PPU): $163,115
• Market: Uptown, Chicago

The apartment building is comprised of studio and one-bedroom floorplans and retains much of their vintage architectural charm. While there are currently 61 apartment units, the property is zoned as a 63-unit building. Located one block from Lake Michigan on a tree-lined street, the property is located in the heart of Uptown, which has experienced tremendous development and revitalization over the past 10 years.

Essex Realty Group, Inc. led an extensive marketing campaign resulting in multiple offers for the property. Kate Varde, Jaimie Steinher, Abe Eilian, and Matt Feo from Essex Realty Group, Inc. served as the brokers for the sale. They exclusively marketed the property, which was well-cared for by the previous long-term owner-operator. The buyer, a local investor, purchased the property for $9,950,000. Essex directors Abe Eilian and Matt Feo represented the buyer in the transaction.

According to Kate Varde, the property on Carmen Avenue presents an outstanding value-add opportunity. While the previous owner operator ensured its good condition, the apartments need renovation to meet the standards supported by the neighborhood. Additionally, the parking lot on the property is highly desirable, generating significant income and offering potential for future development.