Essex Closes 33-Unit Albany Park Multifamily Transaction

Essex Realty Group and Essex Capital Markets announced the closing of Wilson Manor, a 33-unit multifamily property located at 3348 W. Wilson Avenue in Chicago’s Albany Park neighborhood.

The property sold for $7.6 million, a $200,000 premium over the listing price. Originally renovated in 2008, Wilson Manor offers a unit mix consisting primarily of two-bedroom apartments, complemented by several larger three- and four-bedroom duplex units. Significant capital improvements include copper plumbing, new electrical service, and updated wiring.

Essex Realty Group Principals Jim Darrow, Matt Feo and Jordan Gottlieb, along with Director Abe Eilian, completed the transaction. Financing for the acquisition was arranged by Essex Capital Markets Directors Asher Motew and Quinn Keenan on behalf of the buyer. The team secured a $6.31 million rehabilitation loan with an 80% loan-to-cost structure, a 6.43% interest rate, and two years of interest-only payments.

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