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Chicago & Midwest  + North Side  + Apartments  | 

Family-Owned Edgewater Apartments Sell in 1031 Deal

Essex Realty Group has arranged the sale of 6031-6043 N. Paulina St. in the North Side’s Edgewater neighborhood. The 43-unit courtyard apartment property, which has been owned and operated by the same family since 1965, traded for $5.7 million in a 1031 exchange.

Doug Imber, Kate Varde and Clay Maxfield of Essex were the brokers on the transaction.

According to Brad Desent, who along with his siblings sold the building, “Our parents actually met at this building and then had the opportunity and foresight to purchase it. It has been a part of our family for more than half a century.

“We grew up shoveling coal to fuel the furnace, and all worked at different times to maintain the building,” Desent continued. “It has been a great family business spanning several generations.”

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Inside The Story

Connect With Essex Realty's Imber, Varde and Maxfield

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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