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.
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).