Essex Closes Another Logan Square Apartment Building

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2823-2827 N. Central Park Avenue located in Chicago’s sought-after in Logan Square neighborhood.

The seller, a local investor, hired Essex director Jordan Multack to exclusively market the property for sale. The Essex team led an extensive marketing campaign resulting in more than 15 tours and five offers. The property sold to a local investor for $1,475,000, which equates to $184,375 per unit. Multack also represented the buyer.

2823-2827 N. Central Park Avenue is an eight-unit multifamily apartment building situated on a double wide lot measuring 50’ x 125’ in Logan Square. The unit mix is comprised of eight spacious 2 bed/1 bath apartments. Six of the eight units have newer appliances and updated kitchens and bathrooms, while the remaining two units could benefit from a renovation. While there is a laundry room on-site in the basement, two of the eight apartments have washer/dryer in-unit.

“The new owner, a repeat client of Essex, will continue to add value through renovating the kitchens and bathrooms and adding individual HVAC and laundry in-unit,” said Multack.

Logan Square continues to attract investor interest. Essex currently has three properties listed in the neighborhood, including The Courtland Corner. Last month Essex brokers closed a seven-unit multifamily property located at 2407 N. Kedzie Boulevard for $50,000 over the list price.