CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a three-property portfolio of apartment buildings at the corner of Cortland and Whipple Streets in Chicago’s vibrant Logan Square neighborhood. The offering included 68 units total - 15 units at 3023 W. Cortland Street, 24 units at 3043 W. Cortland Street, and 29 units at 3048 W. Cortland Street.
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. All three properties went under contract after less than 20 days on the market. 3048 W. Cortland Street sold to a Chicago-based client for $5,272,000. Multack and Gottlieb represented the buyer. 3043 W. Cortland Street and 3023 W. Cortland Street sold to the same local investor for a combined total sale price of $6,300,000. Gottlieb represented the buyer.
All three 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.