Essex Realty Group has completed the sale of 5550 S. Dorchester Avenue, a 124-unit, 15-story apartment building located in Chicago’s Hyde Park neighborhood.
The property, built in 1949, consists of 82 one-bedroom units, 29 two-bedroom units, and 13 studios, along with seven parking spaces. The apartments feature stainless steel appliances, quartz countertops, new cabinetry and updated bathrooms.
Located at the southeast corner of S. Dorchester Ave and E. 56th St., the property is just steps away from the University of Chicago campus, several bus stops, and Lake Michigan. The transaction was facilitated by Essex Realty Group Principals Doug Imber and Kate Varde, alongside Managing Director Rick Ofman.
“The sellers were just the second owner of the property. It had been conscientiously maintained and operated,” said Imber. “For the purchaser, acquiring a stabilized and prominent asset of this scale just steps from the University of Chicago was a terrific strategic decision.”
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