CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. is pleased to announce the sale of 8200 S. Maryland Avenue, a 25-unit multifamily property located in the South Side’s Chatham neighborhood and 1235 W. 81st Street, a 10-unit multifamily property located in the South Side’s Auburn Gresham neighborhood.
Essex Director Brian Mond represented the buyer in both transactions. The out-of-state buyer intends to start a management company in order to operate their recent multifamily purchases on Chicago’s south side. 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, “The buyer had not purchased in Chicago before but saw potential and value-add opportunities in the multifamily properties located throughout Chicago’s South Side neighborhoods. Because our buyer was looking to accumulate a large number of units at once and portfolio opportunities in these specific neighborhoods were slim, we introduced the idea of buying from multiple sellers at once rather than finding one seller with that exact unit count.” He continued, “I congratulate all involved in these transactions. In addition to working with multiple sellers, the buyer was also working with 1031 exchange time limitations.”
8200 S. Maryland Avenue closed for $1,310,000 and 1235 W. 81st Street closed for $740,000.
Located just west of South Shore, Chatham and Auburn Gresham are two highly sought-after neighborhoods that yield great investment returns. Both neighborhoods feature multiple modes of public transit and a number of new retail developments.
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.