Chicago-based Essex Realty Group completed the sale of Fairchild Shores, a 28-unit multifamily property at 6211 North Kenmore Avenue in Chicago’s Edgewater neighborhood.
Essex Principal Steve Livaditis and Managing Directors Matt Feo and Rick Ofman negotiated the transaction, representing both the seller and buyer. One block from Loyola University’s Lake Shore Campus and Rosemont Avenue Beach, the property is ideally positioned to capture steady demand for student-oriented and lakefront living.
Fairchild Shores offered immediate value-add potential for the new ownership, as the in-place rents were approximately 15% below comparable assets in this pocket of Edgewater. The building featured renovated studio and 1-bedroom apartments that included parking.
“Within just two weeks of launching the campaign, we attracted strong interest from both national and local investors, creating a competitive bidding environment that generated multiple offers and ultimately resulted in a successful closing with exceptional outcomes for all parties,” said Livaditis and Feo.
The post Essex Brokers Sale of Edgewater Multifamily Property appeared first on Connect CRE.