Rogers Park Apartments Trade to Local Investor in 1031 Deal
Essex Realty Group, Inc. recently facilitated the sale of 6517-6523 N. Newgard Ave, a 24-unit multifamily property in Rogers Park on Chicago’s North Side. The property sold to a local investor for $4,000,000, a sale price reflecting a 5.25% cap rate and 11.40 GRM.
Rick Ofman led Essex’ efforts, generating nearly a dozen tours and several offers in just one week. Essex principals Doug Imber and Kate Varde represented the buyer, a local 1031 investor.
“I believed the location, size, and upside potential of the property would create healthy competition, but even I was surprised by how quickly and aggressively investors made a run at this future trophy asset,” said Ofman. “Despite some economic headwinds, capital continues to be placed in well-located multifamily assets on Chicago’s North Side.”
The property, a vintage courtyard-style building, includes 12 one-bedroom and 12 two-bedroom units.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).
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