Essex Realty Group, Inc., a Chicago-based brokerage firm specializing in multifamily properties, recently finalized the sale of a large 42-unit courtyard apartment building located in the desirable Greater Grand Crossing neighborhood on Chicago’s South Side.
The property was sold for $2.5 million at an average price of $59,525 per unit and was financed by local lender CIC. According to Essex Associate Joe Kahlhammer, the team is pleased to have found a suitable buyer with an expanding portfolio in the area.
Situated at 6801-6811 S Michigan Avenue , this 42-unit building comprises six studio units, 33 one-bedroom units and three two-bedroom units. The previous owner had held onto the property for over two decades before deciding to sell. Amenities include secure entryways and round-the-clock emergency maintenance services while each unit boasts spacious layouts with ample windows and closets as well as radiator heating and hardwood floors. The exterior features well-maintained landscaping with mature flowering bushes and trees.
This recent transaction marks another successful deal completed by Essex Realty Group within their specialty market of multifamily properties on Chicago’s South Side.
