
Avondale Condos Turned to Rentals Fetch $8M
Essex Realty Group recently facilitated the sale of 2904 W. Belmont Ave. a 21-unit multifamily building in Avondale on Chicago’s Northwest Side. The property was developed as condominium units and has since been converted to rentals.
The seller, a nationwide investor, hired Essex principal Jordan Gottlieb and director Matt Feo to market the property, also known as The Maynard. Essex president Doug Imber and principal Kate Varde represented the buyer, who purchased the property for $7,800,000.
“This was an excellent acquisition for a buyer in search of a stabilized asset with immediate rental upside,” said Goittlieb. “The market for stabilized properties has recently exploded due in large part to the incredible apartment leasing season Chicago is experiencing.”
2904 W. Belmont is also located close to the I-90 expressway, CTA Blue Line and several bus stops.