Essex Realty Group Brokers the Sale of a Multi-Family Building in Albany Park
June 19, 2018 02:32 PM
Steven Livaditis and Joe Scheck of Essex Realty Group exclusively listed for sale a 22-unit condominium building located at 4954 N. Ridgeway Ave. in the Albany Park neighborhood of Chicago.
The property was originally built as rental apartments; however, in 2007 the building was redeveloped and converted into condominiums. All the units, common space, and shared tenant services were reconfigured at an investment cost of over $2 million by the developer. Units consisted of one and two-bedroom layouts with high-end finishes.
Most of the condominium units were being leased in the rental market and most of the units were still owned by the developer. All the homeowners had agreed to enact Section 15 and proceed with the sale.
Essex Realty Group was able to procure multiple tours and offers on the property, and the entire building sold to a 1031-trade buyer that both Steven and Joe had closed with in previous transactions.
The sale price was approximately $3,850,000.
Steve Livaditis and Joe Scheck were the brokers on the transaction.