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Bowmanville Apartments Trade After Decades of Local Ownership
Essex Realty Group recently facilitated the sale of 5355 N. Damen Ave., an 11-unit apartment building in Chicago’s Bowmanville neighborhood.
The seller, a local investor, hired the Essex team of Rick Ofman, Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd to market the property for sale. Essex director Matt Feo represented the buyer, who paid $2,150,000.
“It was a true pleasure working this deal and helping the seller capitalize on a strong seller’s market to enable him to retire after decades of hard work,” said Ofman. “Investors today are searching for assets that have some meat on the bone but require few major capital improvements, allowing them to focus on simple cosmetic updates, which is exactly what this deal entailed.”
Feo added, “Bowmanville is surrounded by larger, more well-known neighborhoods like Ravenswood, Andersonville, and Lincoln Square, which helps draw renters into this specific pocket.”
- ◦Sale/Acquisition
