Essex Realty Group, Inc., a Chicago-based multifamily brokerage firm, recently completed the sale of 1645 West Chase Avenue in Chicago’s Rogers Park neighborhood. The 31-unit vintage courtyard building consists of 23 one-bedroom and eight two-bedroom units that had been owned and managed by a local investor for over 20 years.
The property sold for approximately $4.05 million to another hands-on investor who plans to convert most of the one bedroom apartments into two bedrooms. One bedroom rents in the building averaged around $1,000 while nearby two bedroom units rent from $1,400-$1,600 on average.
Principals Doug Imber and Kate Varde along with Director Rick Ofman represented the seller while Director Matt Feo represented the buyer during this transaction process . According to Ofman “the property offers spacious and bright apartments as well as great value when compared with other northside neighborhoods” making it an attractive option for both renters and investors alike..
