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Essex Represents Buyer, Seller in Vintage Building Deal
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. completed the sale of 1645 West Chase Avenue in Chicago’s Rogers Park neighborhood. The 31-unit vintage courtyard building, consisting of 23 one-bedroom and eight two-bedroom units, had been owned and managed for over 20 years by a local investor.
The property sold for approximately $4.05 million to another hands-on investor who plans to convert most of the one-bedroom apartments to two-bedrooms. One-bedroom rents in the building averaged approximately $1,000, while nearby two-bedroom units rent for $1,400 to $1,600.
The seller was represented by Essex’ Principals Doug Imber and Kate Varde, and Director Rick Ofman. The buyer was represented by Essex’ Director Matt Feo. According to Ofman, “The property offers spacious and bright apartments. In addition, Rogers Park has grown in popularity in recent years as other northside neighborhoods have become more expensive. Rogers Park still offers phenomenal value to both apartment renters and apartment investors.”
