Chicago & Midwest + South Side + Apartments | December 22, 2022

Essex Realty Group closed the sale of an eight-unit apartment building in Woodlawn, a Chicago neighborhood that is trending upward

Apartments Fetch Buyer in Upward-Trending Woodlawn

Essex Realty Group, Inc. recently facilitated the sale of 1501 E. 66th Pl., an eight-unit apartment building located in the Woodlawn neighborhood on Chicago’s South Side. It sold for $1,160,000 at a cap rate of 8.06%.

The property is comprised of four three-bedroom/one-bath and four three-bedroom/two-bath apartment units. Because the building was initially intended for condominiums, the apartments feature high-end finishes and in-unit laundry accessibility.

“Our team has been tracking the progress of this as well as other developments surrounding Woodlawn,” said Essex director Brian Mond. “There is no doubt that this area is trending upwards as a place to both invest in and reside. Both local and out of state multifamily investment groups have caught onto this hot neighborhood.”

He added, “This was a unique opportunity due to the location of the building, quality of construction and historic grandeur.” Mond represented both buyer and seller.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).