$2.5M Estate Sale Ignites Bidding War for Fully-Leased Logan Square Apartment Building
Sale at a Glance
In February 2023, Triton Realty Group masterfully orchestrated the $2,500,000 sale of 1925-1927 N. Drake Ave., a classic 20-unit apartment gem in Chicago’s eclectic Logan Square. Appointed by the court to represent an estate, the Triton team delivered a seamless process and sparked a surge of investor interest, with multiple offers and more than 20 showings. This sale stands out for its combination of stability, value-add potential, and the brokerage’s ability to unearth hidden opportunity in a highly sought-after urban neighborhood.
Sale Details
A showcase of expert navigation and relentless pursuit of value in Chicago’s dynamic multifamily market.
Sale Price: $2,500,000, reflecting strong investor appetite
Closing Date: February 7, 2023
Brokers: Matthew Fritzshall (President), Edward Liss and Harrison Cohen (SVP & Principals)
Firm: Triton Realty Group LLC
Asset: 20-unit, all one-bedroom apartment building
Process: Estate sale, court-appointed representation
Property Highlights
A substantial L-shaped walk-up with flexible living spaces and prime Logan Square appeal.
Unit Mix: All one-bedrooms, with 13 units offering conversion potential to two-bedrooms for enhanced value
Design: Expansive, classic architecture with commanding street presence
Location: Prime Logan Square—steps from transit, nightlife, dining, and green spaces
Occupancy: 100% leased at closing, ensuring turnkey income
Upgrade Potential: Flexible layout invites creative repositioning
Key Investment Features
More than just a stabilized asset—this building offers a canvas for visionaries and long-term investors.
Immediate Returns: Consistent cash flow from full occupancy
Value-Add Upside: Significant room to increase revenue by converting units and updating interiors
Market Rarity: Estate sale with transparent process and motivated seller
Investor Magnet: Unprecedented interest—20+ tours and multiple competitive offers
Neighborhood Trajectory: Located in a rapidly appreciating Chicago submarket with enduring renter demand
Market Strategy and Positioning
Triton Realty Group crafted a bespoke marketing campaign, leveraging their in-depth knowledge of the estate sale process and Chicago’s multifamily landscape. By targeting over 7,500 qualified investors and highlighting the property’s unique blend of stability and value-add potential, the team ignited a wave of competitive interest. Their hands-on approach, acute timing, and ability to navigate legal complexities ensured clarity for the estate and maximized final proceeds. The result: a smooth transaction that exceeded expectations in both exposure and price.
Client Testimonial
“My brother and I recently sold 2 commercial and one residential property with this group and we could not have asked for better service. Matt, Harrison, and Ed were so professional, helpful, and so pleasant to work with. They are truly experts and know how to handle complicated Estate sales. Will highly recommend them.” — Estate Client
Frequently Asked Questions (FAQs)
This Logan Square success story captured investors’ imagination and set a new standard for estate-driven multifamily sales. Here are some of the most pressing questions from the market:
Q: What created such strong buyer demand for this property?
A: The building’s 100% occupancy, conversion-ready units, and prime neighborhood location created the perfect blend of stability and upside for investors seeking both security and growth.
Q: How did the estate sale process influence the outcome?
A: As a court-appointed transaction, buyers were assured of a transparent process and motivated seller, leading to broad interest and a highly competitive bidding environment.
Q: What are the possibilities for future owners?
A: With 13 units convertible to two-bedrooms, buyers can unlock substantial rent growth and reposition the asset for evolving tenant preferences in Logan Square.
Q: How was the property marketed to attract multiple offers?
A: Triton Realty Group’s targeted campaign reached thousands of pre-qualified investors, employing both digital and personal outreach to maximize exposure and create urgency.
Q: Who led the transaction, and what sets their approach apart?
A: Matthew Fritzshall, Harrison Cohen, and Edward Liss of Triton Realty Group combined deep estate sale expertise with relentless market engagement, delivering a standout result for the client.
Want to achieve results like this?
Contact Triton Realty Group:
Matthew Fritzshall, mattf@tritonrealtygroup.com, (847) 778-8746
Harrison Cohen, harrison@tritonrealtygroup.com, (847) 624-6639
Edward Liss, edward@tritonrealtygroup.com, (630) 251-4110
Let Triton Realty Group awaken the full potential of your property and connect you with tomorrow’s opportunities in Chicago’s most dynamic neighborhoods.
