March 18, 2019
Matt Feo of Essex Realty Group has represented both seller and buyer in the disposition of a 12-unit courtyard apartment building in Jefferson Park. The property at 5239 W. Neenah Ave. traded for $1,420,000, approximately 95% of the initial asking price.
Among apartment investors, Jefferson Park is a highly-desired market locally. However, apartment buildings of this size rarely trade in this market, according to Essex.
The property had been owned and maintained by the same family for 30-plus years, and has recently received several capital improvements.
The sellers hired Feo to exclusively represent them in the disposition of the asset. Essex procured over 20 property tours and over 10 written offers. 5239 W. Neenah ultimately sold to a local real estate company.
The property was under contract within four weeks of coming to market. The sale closed 12 weeks thereafter.
For comments, questions or concerns, please contact Paul Bubny