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Essex Realty Group Sells Mixed-Use Property In Edison Park, Chicago For $4M

7240 West Devon Avenue
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This Mixed-use property located in IL was sold for $4,000,000 over 3 years ago. The brokers of the deal were Steven (Steve) Livaditis, Matt Feo, and Jordan Multack

Essex Realty Group, Inc. has successfully closed the sale of a mixed-use property located at 7240 W. Devon Avenue in the Edison Park neighborhood of Chicago. The property, which features newer construction and luxury amenities, was sold within days to a repeat buyer for approximately $4,000,000.

Summary of transation details

  • Property Type: Mixed-use
  • Transaction Amount: $4,000,000
  • Address: 7240 W. Devon Avenue, Edison Park, Chicago
  • Market: Edison Park, Chicago
  • Total Units: 13
  • Price per Unit: $307,692 (10 apartments + 3 commercial spaces)

The luxury property consists of 10 modern apartments with condo-quality finishes and three ground floor commercial spaces. The anchor retail tenant is Dunkin' Donuts, which attracts a large number of customers daily. The apartments feature spacious floorplans and offer high-end amenities, including a communal outdoor Skydeck lounge. At the time of sale, the property was 100% leased with no deferred maintenance.

The sale was facilitated by Essex Principal Steve Livaditis and Director Matt Feo, who exclusively marketed the property on behalf of a local ownership group. The buyer was represented by Essex director Jordan Multack. The property's prime location, just steps away from public transportation arteries and downtown Park Ridge, contributed to its appeal to premier tenants in the market.

Situated on the northwest corner of Devon Avenue and Northwest Highway, the property offers convenient access to the Edison Park and Norwood Park Metra Train Station, located less than 1 mile away. The surrounding area also boasts a vibrant commercial corridor with numerous restaurants, retailers, and green space for residents to enjoy.

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Deals
  • Location
    7240 West Devon Avenue, Chicago, IL 60631, USA7240 West Devon Avenue, Chicago, IL 60631, USA
  • Sale Price
    $4,000,000$4,000,000
    $245 PPSF$245 PPSF
  • Area
    16,310 SF16,310 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Steven (Steve) Livaditis

Steven (Steve) Livaditis

Deals27
Sold$117.8M

Matt Feo

Matt Feo

Deals29
Sold$123.1M

Agencies

Essex Realty Group

Essex Realty Group

Agency
Deals380
Volume$1.6B

Greenstone Partners

Greenstone Partners

Agency
Deals64
Volume$341.4M

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Deal Summary

SALE IMAGE: Matt Feo, Steve Livaditis & Jordan Multack DATE: 07/07/2021 ADDRESS: 7240 W. Devon Avenue MARKET: Edison Park, Chicago ASSET TYPE: Mixed-use BROKERS: Steve Livaditis, Matt Feo, Jordan Multack - (@ChicagoMultifamily_EssexRealty) SALE PRICE: $4,000,000 UNITS: 13 ~ PPU: $307,692 (10 apartments + 3 commercial spaces) NOTE: Essex Closes Trophy Asset In Edison Park CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 7240 W. Devon Avenue, an exceptional newer construction mixed-use property located in the Edison Park neighborhood of Chicago. Essex Principal Steve Livaditis and Director Matt Feo were retained to exclusively market this luxury property for sale on behalf of a local ownership group and sold the property within days to a repeat buyer. The property was sold for approximately $4,000,000 and the purchaser was represented by Essex director Jordan Multack. “This is an iconic building in the Edison Park neighborhood as Dunkin’ attracted hundreds of customers to the property daily. Located steps away from multiple public transportation arteries and downtown Park Ridge, these modern apartments featured all the latest detail and finishes that attracted the most premier tenants in the market,” explained Livaditis. 7240 W. Devon Avenue is comprised of 10 apartments and ground floor commercial spaces with the Dunkin’ Donuts as the anchor retail tenant. The apartment units have expansive floorplans and include condo-quality finishes with high-end amenities including a communal outdoor Skydeck lounge. The property was 100% leased at time of sale with no deferred maintenance and the new purchaser plans on maintaining this passive investment while slowly growing rents over time. Situated on the northwest corner of Devon Avenue and Northwest Highway, the property is conveniently located less than 1 mile from the Edison Park and Norwood Park Metra Train Station. Additionally, the building is located steps from Edison Park's commercial corridor, which offers an abundance of restaurants, retailers, and green space.

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7240 West Devon Avenue

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