CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 931-941 W. Carmen Avenue, a 61-unit corridor style building located in Chicago’s Uptown neighborhood. The sale also included an adjacent 100 sq. ft. x 130 sq. ft lot, currently used as a 51-car parking lot. This was the first time the property had been offered for sale in more than 25 years.
The Essex team of Doug Imber, Kate Varde, Jaimie Steinher, Dan Shepherd and Rick Ofman exclusively marketed the property for sale. Essex led an extensive marketing campaign resulting in multiple offers. Essex directors Abe Eilian and Matt Feo represented the buyer, a local investor, who purchased the property for $9,950,000.
According to Varde, “Carmen is an outstanding value-add opportunity. The property was well-cared for by the previous long-term owner operator, but it was time to renovate the apartments to the standards the neighborhood now supports. In addition, the parking lot is a highly desirable covered land play generating significant income today but also as a potential development site in the future.”
The apartment building is comprised of studio and one-bedroom floorplans and retain much of their vintage architectural charm. While there are currently 61 apartment units, the property is zoned as a 63-unit building
Located one block from Lake Michigan on a tree-lined street, the property is located in the heart of Uptown, which has experienced tremendous development and revitalization over the past 10 years.