SOLD
Essex Realty Group Sells 154-Unit East Chatham Portfolio For $7.4M
7945 South Drexel Avenue, 7948 South Ingleside Avenue, 8044 South Ingleside Avenue, & 8034 South Ellis Avenue
MultiFamily
770 SF
770 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
MultiFamily
770 sqft
Essex Realty Group, Inc. has announced the sale of a four-property East Chatham portfolio located at 7945 S. Drexel Avenue, 7948 S. Ingleside Avenue, 8044 S. Ingleside Avenue, and 8034 S. Ellis Avenue in Chicago, IL. The portfolio consists of four courtyard buildings with a total of 154 units. The sale was completed for a price of $7,375,000, with each unit priced at approximately $47,890.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,375,000
- Units: 154
- Price Per Unit (PPU): $47,890
- Market: East Chatham, Chicago
The buyer of the portfolio is an out-of-state investor who recognized the value-add investment opportunities in the Chatham neighborhood. Brian Mond, the Director of Essex Realty, represented the buyer in the transaction. Mond, who leads Essex Realty's South Side multifamily brokerage team, specializes in identifying investment opportunities throughout Chicago's South Side.
Mond commented on the transaction, stating, "Chatham, located just southwest of South Shore, proves to have similar qualities and a high yield of value-add investment opportunities. I congratulate all involved in these transactions."
In addition to this portfolio sale, Mond's team recently closed the sale of another Chatham multifamily investment property at 8200 S. Maryland Avenue, a 25-unit apartment building sold for $1,310,000. The team is actively marketing multiple Chatham-area opportunities, including 404 E. 79th Street, a 20-unit mixed-use building, and 720 and 740 E. 79th Street, two properties comprised of a total of 67 units located on opposite corners.
Players
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2
Agents
1
Agencies
1
Details
SOLD
IMAGE: Brian Mond
DATE: 10/08/2021
ADDRESS: 7945 S. Drexel Avenue, 7948 S. Ingleside Avenue, 8044 S. Ingleside Avenue, & 8034 S. Ellis Avenue
MARKET: East Chatham, Chicago
ASSET TYPE: Multifamily
BROKERS: Brian Mond (@Brian_Mond) - Essex Realty (@ChicagoMultifamily_EssexRealty)
SALE PRICE: $7,375,000
UNITS: 154 ~ PPU: $47,890
NOTE: Essex South Side Team Brokers 154-Unit East Chatham Portfolio
CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of a four-property East Chatham portfolio located at: 7945 S. Drexel Avenue, 7948 S. Ingleside Avenue, 8044 S. Ingleside Avenue, and 8034 S. Ellis Avenue. The combined total unit count is 154 units.
An out-of-state buyer purchased the four courtyard buildings for $7,375,000. Essex Director Brian Mond was the broker on the transaction. Mond, who leads Essex’ South Side multifamily brokerage team, helped the buyer identify these multifamily opportunities at a time when portfolio opportunities were limited.
Mond explains, “I work on investment opportunities located throughout Chicago’s South Side. While South Shore draws a lot of attention from out-of-state investors, opportunities are becoming scarce. Chatham, located just southwest of South Shore, proves to have similar qualities and a high yield of value-add investment opportunities.” He continued, “I congratulate all involved in these transactions.”
Mond’s team also recently closed another Chatham multifamily investment property. 8200 S. Maryland Avenue, a 25-unit apartment building, sold for $1,310,000. The team is also actively marketing multiple Chatham-area opportunities including 404 E. 79th Street, a 20-unit mixed-use building, and 720 and 740 E. 79th Street two properties comprised of 67 units total that are located on opposite corners.View on map
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Address7945 South Drexel Avenue, 7948 South Ingleside Avenue, 8044 South Ingleside Avenue, & 8034 South Ellis Avenue
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