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Two-Building North Side Portfolio Goes for $13M
Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of a two-building portfolio consisting of 4600 N. Lincoln Ave. and 2600 W. Montrose Ave. Located in the Ravenswood and Lincoln Square neighborhoods of Chicago’s North Side, the buildings consist of 27 and 26 units, respectively.
The seller hired Doug Imber and Kate Varde to market the properties for sale. Alongside Directors Jaimie Steinher, Dan Shepherd and Rick Ofman, the team conducted a dozen tours and fielded several competitive offers. The portfolio closed at a sale price of $13,000,000, reflecting a 5.14% cap rate and GRM of 11.75.
“It is no surprise we were able to create so much competition amongst local housing providers who recognized once in a generation opportunity to acquire to acquire these assets,” said Ofman, who represented the buyer, Nick Yassan with Rany Management.
- ◦Sale/Acquisition


