Essex sells two new multi-family construction assets near trail 606
Chicago-based multi-family brokerage firm Essex Realty Group, Inc. recently facilitated the sale of two multi-family properties located in the popular Logan Square neighborhood of Chicago, 1701 N. Kedzie Avenue and 1846 N. California Avenue.
Essex manager Jordan Multack has been hired by a local investor to exclusively market the properties for sale. The Essex team ran an extensive marketing campaign resulting in multiple offers for each property. 1701 N. Kedzie Avenue sold for $ 3,240,000, or $ 360,000 per unit, and 1846 N. California Avenue, $ 2,150,000, or $ 358,333 per unit. Multack also represented the buyer in these transactions.
1701 N. Kedzie Avenue is a nine-unit multi-family building comprised of a mix of two and three bedroom apartments. Three apartments are large three bedroom duplexes while the other six are spacious two bedroom apartments. About half a mile east of 1701 N. Kedzie Avenue is 1846 N. California Avenue, a six-unit multi-family property. The property is made up of spacious two and three bedroom apartments and each three bedroom apartment is a duplex unit. Both properties are located in a prime pocket of Logan Square, one block from Trail 606 and Chicago’s beautiful Humboldt Park.
“These new construction properties both offered an investor the opportunity to purchase turnkey assets in a great location. The properties are conveniently located close to trail 606, an excellent convenience for residents, as well as close to Armitage Avenue, one of Logan Square’s “restaurant rows” filled with trendy restaurants, bars and restaurants. ‘entertainment options,’ Multack explained.
The properties were built in 2012/2014 and have apartments with great floor plans. The finishes are similar in both buildings with each apartment containing gourmet kitchens, individual HVAC, washer / dryer in the unit, fireplaces in the living rooms, back decks, hardwood floors throughout and private enclosed parking or garage. Kitchens have stainless steel appliances, custom backsplashes, and beautiful granite countertops. The main bedrooms have a private bathroom with separate bath and double sinks.