West Ridge Apartments Find Buyer After Two Weeks on Market
Essex Realty Group, Inc. recently facilitated the sale of 6118 N. Claremont Ave., a seven-unit multifamily property in Chicago’s West Ridge neighborhood.
Directors Rick Ofman and Matt Feo led Essex’ efforts, generating several tours and offers in just two weeks. The property sold to a local investor for $1,400,000, a sale price reflecting a 5.79% cap rate and 10.77 GRM. Ofman and Feo represented both the buyer and seller.
“This was an excellent acquisition,” said Feo. “The property is in great physical and cosmetic condition. The units are spacious, bright, and have all the in-unit amenities one needs. The buyer of the property recognized that there is a shortage of high-end units like these in this neighborhood.”
The property is located near multiple bus routes along Peterson and Western avenues, and one mile west of the future Edgewater Metra Station.
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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