Avalon Park Ascendancy: Ambitious Apartment Asset Achieves Acquisition Milestone
Sale at a Glance
1656 E 83rd Place stands as a testament to the transformative potential of smart capital and visionary ownership in Chicago’s Avalon Park. This striking 8-unit multifamily property changed hands in October 2025 for $738,675, setting a new benchmark for boutique apartment deals in the neighborhood. Brokered by Luke Wojcik, Senior Advisor at Triton Realty Group, the transaction not only delivered immediate returns for the seller but unlocked future possibilities for the buyer—positioning this asset as a blueprint for success in Chicago’s competitive rental market.
Sale Details
This transaction showcased the allure and investment logic of well-positioned multifamily in a resilient residential enclave.
Sale Price: $738,675
Date of Sale: October 21, 2025
Building Type: Classic 8-unit multifamily apartment
Unit Mix: (4) 2-bedroom/1-bath, (4) 1-bedroom/1-bath
Unit Sizes: 700–900 square feet, offering spacious layouts
Seller: Local investor with a track record of thoughtful renovations
Occupancy: Fully leased to multiple tenants at closing
Buyer Profile: Private investor attracted to value-add and location
Broker: Luke Wojcik, Senior Advisor, Triton Realty Group
Property Highlights
Every aspect of this building was designed to blend timeless charm with modern appeal, awakening the imagination of residents and investors alike.
Renovated Residences: Each unit thoughtfully upgraded with contemporary finishes, new kitchens, and refreshed baths, delivering an elevated living experience.
Desirable Floor Plans: Well-proportioned 1- and 2-bedroom units cater to a diverse tenant base, enhancing leasing flexibility and occupancy stability.
Architectural Allure: Solid brick construction from 1928, exuding curb appeal and enduring value.
Expansion Opportunity: Rare potential to add a 9th unit in the basement, providing a clear path for future income growth.
Residential Setting: Nestled in Avalon Park’s tranquil, low-density blocks—offering peace, privacy, and easy access to area amenities.
Key Investment Features
This transaction unlocked hidden value and illuminated the lasting appeal of multifamily assets in Chicago’s South Side.
Immediate Cash Flow: 100% occupancy ensured steady income from day one.
Renovation Premium: Upgraded interiors and mechanicals command strong rents and reduce long-term maintenance risk.
Unit Mix Diversity: Smart blend of 1- and 2-bedroom apartments to capture different renter demographics.
Add-Value Angle: Basement space presents an actionable route to increase unit count and revenue.
Location Leverage: Proximity to transit, schools, and shopping drives tenant demand and rent growth.
Market Strategy and Positioning
From the outset, this property was marketed with future-focused energy—showcasing its turnkey condition, expansion upside, and neighborhood appeal. The campaign leaned into Avalon Park’s rising profile, targeting investors who crave both stability and the thrill of transformation. Luke Wojcik’s adept storytelling and deep local insight amplified the building’s narrative, drawing in multiple qualified buyers and generating competitive offers. Ultimately, the deal closed above expectations, underscoring the power of strategic positioning and a keen understanding of buyer psychology.
Frequently Asked Questions (FAQs)
Interest in 1656 E 83rd Place has sparked curiosity among investors and residents alike, eager to understand what sets this asset apart.
Q: What investment opportunities does the basement present?
A: The basement is primed for conversion into a legal 9th unit, offering a direct path to increased income and property value..
Q: How do recent renovations impact rental performance?
A: Modern upgrades have elevated the property’s profile, supporting premium rents and attracting high-quality tenants
Q: Why is Avalon Park becoming a hotspot for multifamily buyers?
A: The area’s blend of affordability, community character, and access to transit makes it increasingly popular among both renters and investors.
Q: What types of tenants are typically attracted to this building?
A: The flexible unit mix appeals to singles, couples, and small families seeking quality living in a peaceful, well-connected neighborhood.
Q: How does this asset compare to other nearby properties?
A: Few multifamily buildings in Avalon Park offer the same combination of renovations, occupancy, and expansion potential, making this a standout acquisition.
Want to achieve results like this?
Contact Luke Wojcik, Senior Advisor at Triton Realty Group, at (773) 610-9054 to discuss your property goals in Chicago’s Avalon Park.
