Essex Realty Group has brokered the sale of the Chicago Lawn Portfolio, a three-building multifamily package totaling 68 apartments in Chicago’s Chicago Lawn neighborhood. The properties are located at 6321–31 S. California Avenue, 6355–57 S. California Avenue, and 6400 S. Fairfield Avenue, placing all three assets within a tight geographic cluster on the city’s Southwest Side.
The portfolio was acquired by Icarus Investment Group for $5.23 million, reflecting a price of approximately $77,000 per unit. Essex Realty Group Directors Jesus Garcia and Joe Kahlhammer represented the seller in the transaction, marketing the assemblage as a consolidated multifamily investment opportunity in a single neighborhood.
The three-building package comprises a mix of asset sizes that together reach institutional scale for the submarket. One property contains 31 apartments, the second includes 18 units, and the third houses 19 units. Their proximity to one another is a central feature of the offering, allowing ownership to concentrate operations, maintenance, and leasing activity within a compact radius.
Across the portfolio, the unit mix is designed to appeal to a range of renter household types. The properties include 12 studio apartments, 31 one-bedroom units, 18 two-bedroom apartments, and seven three-bedroom residences. This configuration provides exposure to both smaller, more affordable layouts and larger family-oriented floor plans within the same investment.
Essex Realty Group highlighted the operational benefits created by the portfolio’s concentration, noting that the ability to oversee all 68 units within a small footprint can support more efficient management. By clustering staffing, building services, and capital planning across three nearby assets, the buyer gains potential scale advantages that may not be available with more widely dispersed smaller buildings.
The Chicago Lawn Portfolio transaction underscores ongoing investor interest in neighborhood-scale multifamily properties in Chicago that offer both a diverse unit mix and operational efficiencies. With the sale now completed, Icarus Investment Group assumes control of the three assets as a single, coordinated multifamily portfolio within the Chicago Lawn submarket.
