Essex Broker Sells Two Adjacent Hermosa Value-Add Buildings

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2014 and 2018 N. Keystone Avenue, two adjacent multifamily properties.

The seller, a local investor, hired Essex director Jordan Multack to exclusively market the property for sale. After an extensive marketing campaign resulting in more than six offers, a local investor purchased the properties for $1,400,000. Multack also represented the buyer, a local investor, in this transaction.

2014 and 2018 N. Keystone Avenue are located in Chicago’s Hermosa neighborhood. The neighboring brick buildings form a small, gated courtyard, plus there is a two-car garage in the rear and one additional surface parking space. There are 9 units, a majority of which are 2 bed/1 bath apartment units.

The property is ideally located approximately one-half mile from the Healy Metra Station servicing the Milwaukee District North Line, plus there are several city bus stops and Divvy Bike stations near the buildings.

“The properties provide an investor with the opportunity to own some of the most updated apartments in this submarket. Located just steps from the Armitage Ave, the main retail hub of Hermosa, these properties will continue to command top rents in the neighborhood for the new owner,” explained Multack.