SOLD
Jordan Gottlieb & Jordan Multack Sell Logan Square Multifamily Portfolio For $6.3M
3023 West Cortland & 3043 West Cortland Street
MultiFamily
Sold 1 year ago
Summary
Sale
ILLINOIS
MultiFamily
The Cortland Corner multifamily portfolio in Logan Square, Chicago has been sold for a total price of $6,300,000. The sale included two buildings located at 3023 W. Cortland St and 3043 W. Cortland St, comprising a total of 39 units. The sale was facilitated by the multifamily team of Jordan Multack and Jordan Gottlieb from Essex Realty Group, Inc. The buyer was represented by Jordan Gottlieb.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,300,000
- Address: 3023 W. Cortland St and 3043 W. Cortland St, Logan Square, Chicago
- Market: Logan Square, Chicago
- Units: 39
- Price Per Unit: $161,538
The buildings feature primarily large one- and two-bedroom layouts, with a mix of vintage and lightly updated kitchens and bathrooms. Each apartment has separate individual gas furnaces and hot water heaters, along with common laundry facilities in the basement. Conveniently located within a mile of both the Western and California Blue Line CTA Stations, as well as several bus stops, residents enjoy excellent access to public transportation options.
Jordan Multack expressed pleasure in representing both the buyers and seller in this transaction. He acknowledged the seller's long-term ownership of these properties and their foresight in recognizing the potential of Logan Square. Multack also expressed excitement about the future transformation of these beautiful buildings, which offer the sought-after oversized one- and two-bedroom apartments that tenants prefer.
Essex Realty Group, Inc., the brokerage firm involved in the sale, has been active in Logan Square. In addition to the Cortland Corner portfolio, Jordan Multack recently closed deals for two other properties in the area - 1701 N. Kedzie Avenue and 1846 N. California Avenue.
Players
All
4
Agents
2
Agencies
2
Details
SOLD
IMAGE: Jordan Gottlieb & Jordan Multack
DATE: 01/14/2022
ADDRESS: 3023 W. Cortland & 3043 W. Cortland St
MARKET: Logan Square, Chicago
ASSET TYPE: Multifamily
BROKERS: Jordan Multack (@Multifamily_Multack) & Jordan Gottlieb - Essex Realty (@Chicagomultifamily_EssexRealty)
SALE PRICE: $6,300,000
UNITS: 39 ~ PPU: $161,538
NOTE FROM BROKERS: A multifamily team led by Jordan Multack and Jordan Gottlieb of Essex Realty Group, Inc. was hired to exclusively market the portfolio for sale. Essex led an extensive marketing campaign resulting in 28 property tours and more than 10 offers to purchase the properties. The properties went under contract after less than 20 days on the market. 3043 W. Cortland Street, a 24-unit building, and 3023 W. Cortland Street, a 15-unit building, sold to the same local investor for a combined total sale price of $6,300,000. Gottlieb represented the buyer.
The buildings are primarily comprised of large one- and two-bedroom layouts. The units are a mixture of predominately vintage and lightly updated kitchens and bathrooms. All apartments feature separate individual gas furnaces and hot water heaters, along with common laundry in the basement. The buildings are conveniently located just under one mile from both the Western and California Blue Line CTA Stations and numerous bus stops, providing tenants with excellent public transportation options.
“It was a pleasure to represent both the buyers and seller on the sale of the Cortland Corner. Congratulations to the seller, who as a long-term owner of these properties, had the vision for what Logan Square would eventually become,” said Multack. He continued, “We are excited to watch the potential transformation of these beautiful buildings, which offer the types of oversized one- and two-bedroom apartments that the majority of today’s tenants are seeking.”
Essex is active in Logan Square. During the last week of December Multack closed two additional properties – 1701 N. Kedzie Avenue and 1846 N. California Avenue.View on map
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Address3023 West Cortland & 3043 West Cortland Street
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