Six-Unit Multifamily Triumph in Lakeview: 1228 W Diversey Parkway Sells for $2.4M
Six-Unit Multifamily Triumph in Lakeview: 1228 W Diversey Parkway Sells for $2.4M
Sale at a Glance
The sale of 1228 West Diversey Parkway in Chicago’s coveted Lakeview neighborhood stands as a testament to precise market timing and expert execution. Brokered by Matthew Fritzshall of Triton Realty Group, this six-unit multifamily property changed hands for $2,400,000 on November 6, 2019. The asset’s strong occupancy history and prime Lincoln Park-Lakeview border location made it a standout opportunity for investors seeking stability and future upside. This transaction highlights the ongoing demand for boutique apartment buildings in Chicago’s core neighborhoods.
Sale Details
A multifamily property, meticulously marketed and expertly closed.
Broker: Matthew Fritzshall, Triton Realty Group
Sale Price: $2,400,000
Closed Date: November 6, 2019
Units: 6
Asset Type: Multifamily
Neighborhood: Lakeview
Property Highlights
Positioned on a vibrant stretch of Diversey Parkway, the building offers residents immediate access to the best of North Side living.
Location: Sought-after Lakeview, near transportation and amenities
Boutique Scale: Six units, appealing to investors seeking manageable, high-demand assets
Solid Tenancy: Existing client with a history of strong occupancy
Neighborhood Appeal: Walkable to shopping, dining, and public transit
Key Investment Features
A rare opportunity in one of Chicago’s most enduring rental markets.
Stabilized Income: Fully leased at closing, offering immediate cash flow
Desirable Unit Mix: Configuration caters to a wide renter demographic
Potential Upside: Value-add opportunities through future renovations or rent growth
Proven Market: Lakeview continues to attract both residents and investors seeking long-term growth
Market Strategy and Positioning
The marketing campaign for 1228 W Diversey Parkway blended targeted outreach with nuanced local knowledge, capitalizing on the property’s boutique scale and prime location. Triton Realty Group’s expertise in the Lakeview submarket attracted qualified buyers who recognized the building’s stability and potential. By highlighting both immediate income and future appreciation, the property was positioned to ignite competition and realize its full market value. Timing the sale during a period of heightened multifamily demand ensured a swift and successful closing.
Frequently Asked Questions (FAQs)
The sale of 1228 W Diversey Parkway has generated keen interest among investors and residents alike.
Q: What makes the Lakeview neighborhood attractive for multifamily investment? A: Lakeview boasts a vibrant atmosphere, excellent transit options, and a diverse renter base, making it a perennial favorite for stable returns.
Q: How does a boutique building like this stand out in the Chicago market? A: Smaller, well-located properties offer investors easier management and strong occupancy, often commanding premium rents due to their intimate scale.
Q: Were there any value-add opportunities identified in this transaction? A: Yes, the property’s solid foundation and desirable location present future owners with options for renovations and rent growth.
Q: How quickly did the property sell after being brought to market? A: The property attracted immediate interest, reflecting both the expertise of the broker and the demand for quality assets in Lakeview.
Q: What role did Triton Realty Group play in achieving this result? A: Triton Realty Group’s local market insight and tailored marketing approach were instrumental in generating competitive offers and a successful closing.
Want to achieve results like this?
Contact Matthew Fritzshall at 847-778-8746 to discuss your property goals in Chicago.
