CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2904 West Belmont Avenue, a 21-unit multifamily building located in Chicago’s Avondale neighborhood.
The seller, a nationwide investor, hired Essex Principal Jordan Gottlieb and Director Matt Feo to market 2904 West Belmont Avenue. Essex led an extensive marketing campaign resulting in a dozen property tours and nine offers. Essex President Doug Imber and Principal Kate Varde represented the buyer who purchased the property for $7,800,000.
2904 West Belmont Avenue was originally developed as condominiums in 2008 and has since been converted to apartment units. On average, the units feature 1,500 SF two- and three-bedroom floorplans with high-end condo-quality finishes including stainless steel appliances, granite counters, hardwood floors, in-unit laundry, and attached outdoor space, including a common rooftop deck with incredible city views. The property also has 25 garage and surface parking spaces.
“This was an excellent acquisition for a buyer in search of a stabilized asset with immediate rental upside. The market for stabilized properties has recently exploded due in large part to the incredible apartment leasing season Chicago is experiencing,” said Principal Jordan Gottlieb.
2904 West Belmont Avenue is also located close to the I-90 expressway, CTA Blue Line, and several bus stops.