Essex Realty Group, Inc., a Chicago-based multifamily brokerage firm, recently finalized the sale of Sheridan Shores in Evanston. The three-story walkup building, located at 501-03 Sheridan Road in the North Shore suburb bordering Chicago, was sold for $1.940 million to a California buyer participating in a 1031 exchange.
The property features nine two-bedroom units and seven parking spaces that were 55 percent leased at the time of sale. Essex represented the Sheridan Shores Association and marketed all condominium units per Section 15 of the Illinois Condominium Act.
According to Steven Livaditis, principal at Essex Realty Group, Inc., there was significant interest from potential buyers during marketing efforts for this asset. Ultimately, multiple offers were received and negotiations resulted in a successful transaction with out-of-state investors.
Livaditis also noted that both sellers and purchasers were represented by himself and Jacob Goldstein during this deal.
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