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.
Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit www.essexrealtygroup.com for access to our multi-family listings and more information.