Essex Three-Twelve Executes Successful Sale of $5.8M Center Entrance Building in Lakeview
CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Three-Twelve, LLC announced the sale of an 8-unit multifamily property located at 544 W. Wellington Avenue in Chicago’s Lakeview East neighborhood.
Transaction Summary
- Transaction Type: Lakeview Apartment Building Sale
- Address: 544 W. Wellington Avenue, Chicago
- Neighborhood: Lakeview
- Property Type: Multifamily Apartment Building
- Unit Count: 8 Units
- Sale Price: $5,800,000
- Price Per Unit: $725,000
- Broker: Director Garrett Leigh
Property Overview: 8-Unit Center Entrance Apartment Building in Lakeview
Affectionately known as “The Georgia,” the building is a center entrance multifamily asset originally acquired by the seller’s family in 1957. The property features a unit mix of six three-bedroom, two-bathroom units and two two-bedroom, two-bathroom units, each approximately 2,000 square feet.
Each unit includes a chef’s kitchen, dining room, living room, foyer, and oversized bedrooms. While the apartments have undergone a full renovation, they retain historic character through features such as coffered ceilings, crown molding, stained glass windows, decorative fireplaces, and custom millwork.
Modern upgrades include marble-accented bathrooms with heated floors, smart HVAC systems, updated kitchens, in-unit laundry, and enhanced lighting throughout.
Investment Highlights for Chicago Apartment Building Investors
The property offers a unique combination of vintage character and modern luxury, making it highly competitive within the Lakeview apartment building market. Additional features include a community garden, video and remote entry system, new porch construction with Trex decking, basement storage lockers, and EV charging capabilities for each garage space.
Four units feature oversized front-facing balconies, while six units offer large rear decks. The property also generates supplemental income through five garage parking spaces.
The asset achieved a price per unit of $725,000, approximately 56% above the two-year average for Lakeview apartment buildings, highlighting strong demand for high-quality multifamily assets in premier North Side locations.
Broker Representation in the Lakeview Apartment Building Sale
The transaction was facilitated by Director Garrett Leigh, who represented the seller.
“It’s rare to list a building renovated with this level of care, quality, and attention to detail. 544 W Wellington is a jewel box in a prime corridor of East Lakeview. This sale was excellent execution for both parties and an asset the new buyers will be proud to own for many years,” said Garrett Leigh.
Lakeview Apartment Building Investment Market
Located just off North Broadway, the property provides immediate access to Lakeview’s dining, retail, and entertainment corridors. The asset is within half a mile of the CTA Brown and Purple Lines and less than a quarter mile from Lake Michigan, offering strong connectivity and lifestyle appeal.
Lakeview continues to be one of Chicago’s most sought-after apartment building submarkets, driven by strong renter demand, limited supply, and its proximity to major employment and lifestyle amenities.
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About Essex Three-Twelve
Essex Three-Twelve is Chicago’s first multi-family brokerage company focused exclusively on servicing investors in the 3-to-12-unit market. The firm provides tailored advisory services to both new and experienced investors seeking to acquire, sell, or reposition multifamily properties across Chicago.