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Rare Middle-Market Apartment Asset in Near North Sells at Premium Cap Rate
Essex Realty Group, Inc. recently facilitated the purchase and sale of 67 W. Chestnut St., a rare middle-market multifamily property located in Chicago’s Near North District.
A local investor hired Brian Keegan and Matt Feo to market the four-unit property for sale. It sold for $1,525,000, a price tag reflecting a premium cap rate and high price per unit, each consistent with properties that trade in Chicago’s core neighborhoods.
Keegan, who also represented the undisclosed buyer, said that “demand for unique properties in Chicago’s core neighborhoods remains very strong and is evidenced by the significant and regular activity that these types of building generate through the marketing process. This particular asset was a rare opportunity for the buyer to purchase a building in a location that is largely dominated by high-rises, or other commercial assets, and that has multiple dynamic short and long-term uses.”
- ◦Sale/Acquisition
