CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of a 3-building, 55-unit portfolio in Chicago’s West Chatham neighborhood. The buildings are located at 7909 S. Normal Ave., 441 W. 79th St., and 445 W. 79th St. Essex Director Joe Kahlhammer facilitated the transaction.
The three 3-story buildings have a combined unit mix of 6 studios, 26 one-bedroom, 12 two-bedroom, and 4 three-bedroom apartments, in addition to 8 commercial spaces. The properties have been thoughtfully maintained by a long-term local owner.
West Chatham sits between the Chatham and Greater Auburn Gresham neighborhoods on Chicago’s Southwest side. The area offers commuters numerous transportation options, including the CTA Red Line at 79th, just 0.6 miles away, various CTA Bus Stops within walking distance, and easy access to both the Dan Ryan Expressway and Chicago Skyway Toll Road. Additionally, the neighborhood is welcoming a new Metra station currently under construction just down the street from the properties, the Auburn Park Metra Station. The project is part of the Rebuild Illinois infrastructure plan and will provide even increased accessibility to tenants traveling throughout the city and surrounding suburbs.
“The buyer was attracted to the portfolio because of the previous owner’s management operations and the success of their nearby multifamily property. Congratulations to both parties involved”, remarked Joe Kahlhammer, Director at Essex Realty Group, LLC.
Throughout the marketing phase, the portfolio attracted significant interest from prospective buyers and ultimately sold for $3.025MM.