Chicago & Midwest + North Side + Apartments | March 19, 2021

Uptown Apartments Change Hands After Four Decades

Essex Realty Group closed the sale of 940 W. Argyle Street, a six-unit multifamily property in the North Side’s Uptown neighborhood. The buyer, a local investor in a 1031 exchange, purchased the property for approximately $1,646,000, or $274,333 per unit.

The team of director Clay Maxfield and associate Mack Quaid represented the seller, a local investor. Essex president Doug Imber, with principal Kate Varde and directors Jaimie Steinher and Dan Shepherd, represented the buyer.

“This property has been meticulously maintained by the same owners for almost 40 years,” said Maxfield. “The proximity to Lake Michigan, the large lot size, and value-add opportunity were just three of the many key attributes of this deal.”

The apartments feature hardwood floors, vintage details, and varying levels of kitchen and bath finishes. The property is located within 0.2 miles of the new Argyle CTA Red Line station.

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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 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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