A 45-unit courtyard apartment building in Ravenswood sold for $10.08 million after three months on the market, reflecting investor confidence that Chicago’s multifamily properties will return big gains.
Essex Realty Group marketed the sale of 4407 North Greenview Avenue in Chicago’s North Side, RE Journals reported. Essex Realty’s website shows the property hit the market in August for $10.13 million. The buyer and the seller weren’t disclosed.
The deal, which amounts to about $223,900 per apartment, was the highest price per unit for an unrenovated building within the submarket, according to the outlet. The three-story building, on a 0.37 acre site, has 12 studios, 32 one-bedrooms and one two-bedroom.
Essex’s listing said the building’s walkways were renovated and the new owner could convert the large one-bedrooms into two-bedroom units.
The property, located less than a mile from both Montrose CTA Brown Line and Ravenswood Metra Station, is in a sought-after neighborhood, Steven Livaditis and Matt Feo of Essex Realty Group told RE Journal.
While office buildings are still reeling from the pandemic, the multifamily market has rebounded. Tenants signed about 9,000 new leases in the second quarter of this year, the strongest multifamily rental market in more than 10 years, according to March and Millichap’s most recent report. A total of 6,463 units were built during the 12-month period ended in June and more than 11,500 apartments are expected to be completed by the second half of 2023.
Urban submarkets accounted for two-thirds of all apartment transactions since last July, with most deals concentrated in North and South Lakefront neighborhoods. A 17-story, 163-unit apartment building in Edgewater sold for about $32 million and a 61-unit apartment building in Rogers Park sold for $7 million.
[RE Journals] — Connie Kim