Essex Realty Group, LLC has completed the sale of a 16-unit walk-up apartment building at 7319 N. Rogers Avenue in Chicago’s Rogers Park neighborhood. The multifamily asset traded for $2.46 million, adding another small to mid-sized apartment transaction to the North Side of Chicago. The property is located in a residential pocket of Rogers Park with access to public transportation, neighborhood retail, and nearby recreational amenities.
Essex Realty Group served as the intermediary on the transaction, with Managing Director Rick Ofman representing the seller and Associate Tim Kavanaugh representing the buyer. The parties were not disclosed. The assignment included marketing a fully leased, one-bedroom focused community that combines recent renovations with remaining upside for a new ownership group.
The three-story walk-up consists of sixteen one-bedroom, one-bathroom apartments. According to Essex Realty Group, 15 of the 16 units have been renovated since 2018, positioning the property with updated interiors while still leaving one classic unit and other building-level enhancements available for a future owner. The building also generates supplemental income streams, which, combined with additional value-add opportunities, create multiple levers to increase revenue over time.
In describing the appeal of the offering, Kavanaugh noted that the asset provides strong in-place cash flow along with opportunities for strategic capital improvements, characterizing it as a combination of current yield and long-term upside. That profile aligns with investor demand for stabilized but still improvable multifamily assets in established Chicago neighborhoods.
The property benefits from its location in Rogers Park, a lakefront neighborhood on Chicago’s Far North Side. Residents have convenient access to public transportation connections that link to the broader Chicago transit network, as well as nearby neighborhood retail and service offerings. The building sits near the Clark Street retail corridor, which provides daily-needs shopping and dining options for residents.
Proximity to Loyola University Chicago adds an additional demand driver, as the university community contributes to the local renter pool. Recreational amenities in the area include Touhy Park and the Lake Michigan shoreline, giving residents access to outdoor space, trails, and beaches a short distance from the property. These location attributes, together with the building’s renovation history and remaining value-add potential, formed the basis of the investment thesis for the buyer represented by Essex Realty Group.
