Chicago-based multifamily brokerage firm Essex Realty Group, Inc. completed the sale of a 34-unit apartment building in Chicago’s growing South Shore neighborhood.

The 34-unit building, located at 7748 S. Kingston Avenue, consists of six large studio units, nineteen one-bedroom units and nine two-bedroom units. The Essex South Side team directed by Brian Mond also represented the buyer, and the property sold for $2.15 million, a price that reflected a 9.2% cap rate.

According to Brian Mond, “South Shore is seeing a higher price per door in 2023 and forecasted similarly for 2024. When 7748 S. Kingston was purchased in 2020, the transacted price reflected a PPU of $55,882. Since 2020, and after stabilizing the multifamily property, the market has reflected a 13% increase.” The property sits within walking distance of Rainbow Beach and is located blocks away from the Cheltenham and 79^th Street and Windsor Park Metra stations.