May 24, 2019
Essex Realty Group has brokered the sale of 7908-7926 S. Ingleside Ave., a 34-unit apartment building in the South Side’s Chatham neighborhood. The property, which is in an Opportunity Zone, went into contract two weeks after hitting the market and sold to an out-of-state buyer for $1,050,000, or $30,882 per unit.
Brian Mond & Brian Kochendorfer were the brokers on the transaction. The property’s undisclosed new owner is in a position to raise current rents by an estimated 10% to 15% as-is, significantly increase ROI by updating the units, according to Essex Realty.
The Chatham deal marked Essex Realty’s second transaction in a South Side Opportunity Zone in as many months. In late March, Mond closed on the $4,325,000 sale of 4625 S. Drexel Blvd., a 62-unit apartment property in Kenwood.
Both properties are convenient to public transportation, with Metra bus service and CTA train service available nearby.
The Connect Apartments Conference will take place June 20, 2019 in Los Angeles. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny