Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rapid Price Gains Link Two Logan Square MF Sales
In two separate transactions, Essex Realty Group brokered the sales of two Logan Square apartment buildings for a combined $5.3 million. The firm’s Jim Darrow, Jordan Gottlieb and Jordan Multack were the sole brokers on both transactions.
Local Chicago investor group Breneman Investments purchased 3334 W. Palmer for $2,650,000 to add to its existing Logan Square portfolio. The undisclosed seller paid about one-fifth that amount in 2010.
“Closing a sale of this property 10 years later for $2,650,000 is a direct reflection of the tremendous growth the neighborhood has seen,” said Multack.
In another example of what Essex Realty calls “Logan Square’s explosive growth,” the sellers of 3049 North Spaulding had purchased the property in mid-2018 for approximately $2,100,000. Roughly 16 months later, it sold for $2,650,000 to a private investment group planning to renovate the apartments to take full advantage of the spacious layouts and proximity to public transportation.
Pictured: 3049 North Spaulding.
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
