68-Unit Chicago Lawn Multifamily Portfolio Changes Hands
Essex Realty Group completed the sale of the Chicago Lawn Portfolio, a 68-unit, three-building multifamily portfolio located at 6321–31 S. California Avenue, 6355–57 S. California Avenue, and 6400 S. Fairfield Avenue in Chicago’s Chicago Lawn neighborhood.
The portfolio sold to Icarus Investment Group for $5.23 million, or $77,000 per unit. Essex Realty Group Directors Jesus Garcia and Joe Kahlhammer represented the seller in the transaction. The Chicago Lawn Portfolio consists of three multifamily buildings situated within close proximity to one another, providing investors with operational efficiency and economies of scale. The portfolio includes a 31-unit building, an 18-unit building, and a 19-unit building.
The portfolio offers a diverse unit mix consisting of 12 studio apartments, 31 one-bedroom apartments, 18 two-bedroom apartments, and seven three-bedroom apartments. “The portfolio’s scale and proximity offered an opportunity to acquire 68 units within a compact footprint, allowing for streamlined management across all three properties,” said Garcia.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout