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Edgewater Apartments Go Under Contract in 14 Days
Essex Realty Group recently facilitated the sale of 1401 W. Highland Ave., a 12-unit apartment building located on the corner of Highland Avenue and Glenwood Avenue in Chicago’s Edgewater neighborhood.
The seller, a local investor, hired the Essex team of Rick Ofman, Jaimie Steinher, Dan Shepherd, Doug Imber and Kate Varde to market the property for sale. Essex led an extensive marketing campaign, leading to the property going under contract after a single day of tours, 14 days on the market total. Ofman and Essex broker Matt Feo represented the buyer, who paid $2,800,000.
The property is located just down the street from Loyola University’s main campus. Last renovated in the late 2000s, the building consists of 12 two-bedroom apartments and provides the new owner with multiple value-add opportunities including adding up to four additional apartments in the basement through the city’s Additional Dwelling Unit program.
- ◦Sale/Acquisition
