February 5, 2019
4400 N. Magnolia Ave. has traded for $5.75 million, approximately 97% of the original asking price. The property is a 36-unit, corner walk-up apartment building at the intersection of Magnolia and Montrose in the Sheridan Park submarket of the North Side’s Uptown neighborhood.
The sellers, a private real estate fund, hired Essex Realty Group’s Joe Scheck and Steven Livaditis to exclusively represent them in the disposition of 4400 N. Magnolia. Essex procured over 20 property tours and several written offers.
Matt Feo of Essex represented the buyer, a local real estate company. The property was under contract within four weeks of hitting the market, and closed eight weeks later.
Essex notes that Uptown has recently become a highly-desirable location for investors, and apartment buildings of this size rarely trade in this market.
For comments, questions or concerns, please contact Paul Bubny