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Essex closes sale of 33-unit Albany Park multifamily for $7.6M

The deal included a $6.31 million rehabilitation loan with an 80% loan-to-cost structure and a 6.43% interest rate.

Reported · Written up by our desk · Residential

Essex Realty Group and Essex Capital Markets have closed the sale of Wilson Manor, a 33-unit multifamily property at 3348 W. Wilson Avenue in Chicago’s Albany Park neighborhood, according to ConnectCRE.

The property sold for $7.6 million, which the outlet said was $200,000 above the listing price. Wilson Manor was originally renovated in 2008 and offers mostly two-bedroom units, along with several larger three- and four-bedroom duplex apartments.

ConnectCRE said the renovation featured major capital improvements including copper plumbing, new electrical service, and updated wiring. Essex principals Jim Darrow, Matt Feo, and Jordan Gottlieb, along with Director Abe Eilian, completed the transaction.

For acquisition financing, Essex Capital Markets Directors Asher Motew and Quinn Keenan arranged a $6.31 million rehabilitation loan with an 80% loan-to-cost structure, a 6.43% interest rate, and two years of interest-only payments.

Latest closeCopper $6.293 ▲0.0%

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