Greenstone Partners Sells Turnkey Multifamily Investment In Avondale For $4.05M

The 24,000-square-foot turnkey multifamily investment located at 3507-3511 North Elston in Chicago's Avondale neighborhood has been successfully sold. The property, comprised of twelve fully leased condo-quality apartments, closed at a price of $4,050,000, resulting in $337,500 per unit. The sale attracted significant interest, with 14 property tours conducted and multiple offers received. Situated just three blocks north of Brands Park, the property enjoys a prime location with easy access to restaurants, bars, retailers, and various transportation options, including the Kennedy Expressway, Blue Line train, and bus lines.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,050,000
• Units: 12
• Price per Unit: $337,500
• Square Footage: 24,000
• Price per Square Foot: $169
• Address: 3507-3511 North Elston, Chicago
• Market: Avondale, Chicago

The seller of the property was Drew Breneman, while the brokerage services were provided by Jordan Multack of Greenstone Partners. Jordan Multack exclusively represented the seller, who is a Chicago-based private investment firm, and also facilitated the introduction to the buyer, a private local investor. The acquisition was also attractive to the buyer due to the opportunity to assume a low interest rate loan of 4.12%.