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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.
- ◦Sale/Acquisition
