September 24, 2020
Essex Realty Group has sold a 32-unit apartment building at 2240 W. Morse St. in West Rogers Park, making this the second time Essex has facilitated a sale of this property.
In 2009, Essex brokered the sale of the property from a now-defunct lender to a division of Marc Realty Residential, the current seller. Originally developed as condominiums, the property was completed and leased as luxury rentals.
“The sellers had the foresight to purchase this property during the lowest of times during the 2008-2009 financial crisis and were rewarded for it,” said Essex principal Jordan Gottlieb, who represented Marc Realty along with Jim Darrow. “Even during a pandemic, they were rewarded for that risk, which we love to see for our clients.”
In an off-market transaction, the buyer, a local investor, purchased the property for approximately $5,475,000. Essex principals Doug Imber and Kate Varde represented the buyer.
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