October 9, 2020
Essex Realty Group closed the sale of the 34-unit 7748 S. Kingston Ave. and 18-unit 7400 S. Chappel Ave. in the South Side’s South Shore neighborhood.
The portfolio was purchased by an out of state investor for approximately $2,230,000. Essex director Brian Mond was the broker on the transaction.
This portfolio presented the opportunity to acquire two well-positioned value-add apartment buildings with additional rental upside. During the marketing process, Essex generated 10 showings and multiple offers to purchase the property.
“The South Shore neighborhood continues to prove to be a strong market for rentals and investments,” said Mond. “Occupancy is still high and collections are better than everyone anticipated.”
He added, “The recent investments to enhance the South Shore Metra Electric line and the community initiative INVEST South/West are great examples of some of the different ways the city is reinvesting in these South Side communities.”
Pictured: 7400 S. Chappell.
For comments, questions or concerns, please contact Paul Bubny