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New-Construction Mixed-Use Comes to Market in Loyola District
Essex Realty Group is marketing the sale of 1221-27 W. Devon Ave, a boutique, newer construction, mixed-use property in Chicago’s Loyola University District. The building, delivered in 2017, comprises eight high-end units near the corner of Sheridan Road and Devon Avenue in the Edgewater neighborhood.
“These are tastefully designed apartments for the market that offer a tremendous amount of indoor and outdoor living space,’ said Steven Livaditis, the listing broker. “Very few competing properties can offer similar amenities in the neighborhood; therefore, demand for these rentals is robust.” Additionally, there are three commercial spaces that are fully leased to successful operators.
The property allows investors to acquire a low-maintenance, passive investment for $4,600,000. The list price reflects a cap rate of 5.5%, with a solid rental upside as the current rents are arguably below market. Livaditis and director Jacob Goldstein are heading the marketing campaign for the Edgewater opportunity.
- ◦Sale/Acquisition


