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Albany Park Condos Trade to 1031 Buyer
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Essex Realty Group’s Steven Livaditis and Joe Scheck have closed on the $3.85-million sale of a 22-unit condominium building located at 4954 N. Ridgeway Ave. in Chicago’s Albany Park neighborhood. The property sold to a 1031-trade buyer with whom Livaditis and Scheck have done business before.
The property was originally built as rental apartments, but was redeveloped and converted into condos in 2007. Most of the condo units were being leased in the rental market, and most of the units were still owned by the developer.
In connection with the sale brokered by Essex, all of the condo owners had agreed to enact Section 15 and proceed with the sale.
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- ◦Sale/Acquisition
