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Essex Realty Group Brokers $4.3M Sale Of Mixed-Use Property In Wicker Park, Chicago

2351 West North Avenue
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This Mixed-use property located in IL was sold for $4,300,000 over 3 years ago. The broker of the deal was Steven (Steve) Livaditis

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $4.3 million sale of 2351 W. North Avenue, a seven-unit luxury new construction mixed-use property located in Chicago’s vibrant Wicker Park neighborhood. The property consists of six 4 Bed/4 Bath apartments (approximately 2,500 SF each) and one commercial space. It features high-end finishes such as custom dual-tone kitchen cabinets, honed marble backsplash, quartz countertops, private balconies, and a common area rooftop deck. The property was recently completed and sold for approximately $614,285 per unit, setting a new record for the highest price per unit in the Wicker Park neighborhood. It is conveniently situated on the south side of North Avenue, just east of Western Avenue. The location provides quick access to the 606, as well as the Western and Damen Blue Line CTA stations.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $4,300,000
  • Units: 7
  • Price Per Unit: $614,285
  • Broker: Steve Livaditis - Essex Realty Group, Inc.

Essex Principal Steven Livaditis represented the seller, a local developer/investor, in this transaction. The buyer, a 1031-trade buyer, set an all-time high for price per unit in the Wicker Park neighborhood. The transaction closed within 30 days of contract. Livaditis stated, "This is another example of the demand for high-quality real estate located in fundamentally strong northside neighborhoods. Although most of the building was still in lease-up mode prior to closing, all the parties felt extremely confident that the projected rents were attainable given the rental demand for these types of luxury units."

Note: Wicker Park Apartment Building Trades Setting the Bar for the Highest Price Per Unit in that Market

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Deals
  • Location
    2351 West North Avenue, Wicker Park, Chicago, IL, USA2351 West North Avenue, Wicker Park, Chicago, IL, USA
  • Sale Price
    $4,300,000$4,300,000
    $1,183 PPSF$1,183 PPSF
  • Area
    3,634 SF3,634 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    1 Broker, 1 Agency1 Broker, 1 Agency

Agent

Steven (Steve) Livaditis

Steven (Steve) Livaditis

Deals27
Sold$117.8M

Agency

Essex Realty Group

Essex Realty Group

Agency
Deals380
Volume$1.6B

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Deal Summary

SALE IMAGE: Steve Livaditis DATE: 07/30/2021 ADDRESS: 2351 W. North Avenue MARKET: Wicker Park, Chicago ASSET TYPE: Mixed-use BROKER: Steve Livaditis - (@ChicagoMultifamily_EssexRealty) SALE PRICE: $4,300,000 UNITS: 7 ~ PPU: $614,285 NOTE: Wicker Park Apartment Building Trades Setting the Bar for the Highest Price Per Unit in that Market Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $4.3 million sale of 2351 W. North Avenue, a seven-unit luxury new construction mixed-use property located in Chicago’s vibrant Wicker Park neighborhood. Essex Principal Steven Livaditis represented the seller, a local developer/investor, in this transaction. The property sold for approximately $4,300,000 or $614,285 per unit to a 1031-trade buyer setting an all-time PPU high in the Wicker Park Neighborhood. The transaction closed within 30-days of contract. Recently completed, this luxury boutique property is comprised of six apartments and one commercial space. The apartments are all 4 Bed/ 4 Bath units (approx. 2,500 SF) and feature beautiful high-end finishes including custom dual-tone kitchen cabinets, honed marble backsplash, quartz countertops, private balconies, plus a common area rooftop deck as an additional tenant amenity. “This is another example of the demand for high-quality real estate located in fundamentally strong northside neighborhoods. Although most of the building was still in lease-up mode prior to closing, all the parties felt extremely confident that the projected rents were attainable given the rental demand for these types of luxury units,” stated Livaditis. The property is situated on south side of North Avenue, just east of Western Avenue and is conveniently located steps away from the 606, and within one half mile of both the Western and Damen Blue Line CTA stations. Quick access to both CTA stations and several bus stops provides tenants with many excellent public transportation options.

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2351 West North Avenue

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