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Chicago & Midwest   /   November 2, 2020

Paul Bubny
By: Paul Bubny

Essex Duo Handles Value-Add Deal on North Side

Essex Realty Group arranged the sale of 5324-5326 N. Kimball Ave., a 13-unit brick multifamily property located in the North Park neighborhood on Chicago’s North Side. The buyer, a local investor, purchased the property for approximately $1,650,000, or $126,923 per unit.
 
“We brought this property to market in the beginning of June and generated more than 30 property tours to local investors,” said Essex principal Steve Livaditis. “Despite everything going on in the market, investors are still seeking well-located assets and great investment opportunities.” Livaditis and Essex director Matt Feo represented the undisclosed seller in this transaction
 
5324-5326 N. Kimball features 10 one-bed/one-bath units and three two-bed/one-bath units. In recent years, three of the 13 units were extensively renovated, leaving significant value-add potential for the next investor in renovating the remaining units.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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