Essex Realty Group has arranged the sale of a 12-unit apartment building at 1706–1716 W. Farwell Avenue in Chicago’s Rogers Park neighborhood. The property consists of a single multifamily asset and is positioned within a residential area on the city’s North Side.
The marketing and sale efforts were led by Essex Realty Group, which announced the transaction on behalf of the parties. Principals Doug Imber and Kate Varde, along with Managing Director Rick Ofman, represented the seller in the disposition. Essex Principal Jim Darrow represented the purchaser, identified as a California-based 1031 exchange investor, highlighting ongoing interest from out-of-state capital in this submarket.
The building totals 12 apartments, configured as eight two-bedroom units and four three-bedroom duplex units. According to Essex Realty Group, the property underwent a full renovation in 2013, upgrading the residential offering while maintaining its multifamily character. The renovation work modernized the apartments and brought them in line with contemporary renter expectations for finishes and functionality.
Residential amenities at the property include hardwood flooring throughout the units, granite countertops, stainless steel appliances and in-unit laundry. These in-unit upgrades position the asset competitively within the local rental market, particularly for residents seeking updated finishes in a neighborhood-scale building.
In discussing the transaction, Essex executive Rick Ofman noted that the sale of 1706 Farwell underscores the continued appeal of the Rogers Park neighborhood to multifamily investors. The buyer’s use of 1031 exchange proceeds suggests the asset fits within a tax-deferred reinvestment strategy, though specific pricing and return metrics were not disclosed.
The property benefits from proximity to multiple public transportation options. It is located near the Rogers Park Metra station and the Morse CTA Red Line station, offering residents convenient access to other parts of Chicago. The building is also approximately 1.2 miles north of Loyola University Chicago, a major institutional presence on the North Side, and is within walking distance of nearby dining and retail corridors.
Through this transaction, Essex Realty Group remains active in Chicago’s neighborhood multifamily investment sales market, particularly in transit-served, university-adjacent locations such as Rogers Park. While financial details of the sale were not released, the closing demonstrates ongoing transaction activity in smaller-scale multifamily assets within established city neighborhoods.
