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Chicago & Midwest  + North Side  + Apartments  | 
Essex Realty Group recently facilitated the sale of a two-building portfolio in Chicago's Ravenswood and Lincoln Square neighborhoods for $13 million.

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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