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Essex Closes on MF Condominium Apartment Building in Evanston
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. closed the sale of a condominium deconversion building at 501-03 Sheridan Road, known as Sheridan Shores in Evanston, in the North Shore suburb bordering Chicago.
The three-story walkup building featured nine two-bedroom units and seven parking spaces that were 55 percent leased at the time of sale. Essex represented the Sheridan Shores Association in the marketing of all the condominium units Per Section 15 of the Illinois Condominium Act.
Steven Livaditis, principal at Essex Realty Group, Inc., said, “We experienced a tremendous amount of activity while marketing this asset. Overall, we had received multiple offers, and ultimately, the property was sold to a California buyer who was in a 1031- Exchange.”
The property closed for $1.940 million, and Livaditis and Jacob Goldstein represented both the sellers and purchasers in the transaction.
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