Essex Realty Closes 34-Unit MF Building in South Shore
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 79th Street and Windsor Park Metra stations.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.