Albany Park Courtyard Apartment Building Sells for $4.65M: 4841-4851 N. Kimball Ave. Reimagined for Future Growth
Sale at a Glance
On January 29, 2018, the iconic 46-unit courtyard property at 4841-4851 N. Kimball Ave. in Chicago’s culturally rich Albany Park entered a bold new chapter with a $4.65 million sale. Guided by the strategic insight of Matthew Fritzshall, President & Founder of Triton Realty Group, this transaction stands as a testament to the power of deep-rooted relationships and market foresight. A locally treasured, long-held asset, the building beckoned an investor ready to awaken its latent potential through a transformative renovation—signaling a fresh wave of opportunity in one of Chicago’s most dynamic neighborhoods.
Sale Details
This transaction was not just a sale, but a carefully orchestrated transition designed to maximize value for all parties while honoring the legacy of long-term ownership.
Sale Price: $4,650,000
Date of Sale: January 29, 2018, at a pivotal moment in Albany Park’s ongoing revitalization.
Asset Class: 46-unit building, rare for its scale and adaptability within the Albany Park submarket.
Seller: Privately held, long-term owner with a deep connection to the property and community.
Buyer: Local private investor with a vision for repositioning and improvement.
Broker: Triton Realty Group, led by Matthew Fritzshall, leveraging market expertise and relationships.
Property Highlights
This property’s blend of residential and commercial units offered a canvas for reinvention, perfectly poised for a new era of value creation.
Versatile Unit Mix: 46 units, with a blend of residential apartments designed to serve the neighborhood’s evolving needs.
Full Renovation Needed: The asset’s “blank slate” condition opened the door for a comprehensive modernization, from mechanical systems to finishes—empowering the buyer to set a new benchmark for quality.
Strategic Location: Set at the crossroads of Kimball Avenue and Lawrence, the property is steps from the Brown Line, major bus routes, and a thriving mix of local businesses.
Community Integration: The commercial spaces provide a rare opportunity for neighborhood-serving retail, creating a symbiotic relationship with the residential tenants above.
Architectural Character: The building’s classic Chicago brick façade and flexible floor plans offered a foundation for both preservation and innovation.
Key Investment Features
Investors saw not just a building, but the promise of long-term growth and community impact.
Substantial Value-Add Potential: With every unit and storefront ready for reimagining, the property offered the chance to unlock significant rental upside and operational efficiencies.
Strong Area Demographics: Albany Park’s vibrant, multicultural population ensures ongoing demand for both residential and retail offerings.
Transit-Oriented Appeal: Proximity to CTA trains and buses enhances resident convenience and drives consistent occupancy.
Undersupplied Market Segment: Few properties of this size and adaptability become available, making this a rare opportunity for investors seeking scale in a maturing neighborhood.
Local Investment Focus: The buyer pool was curated for those with a true stake in the community, fostering stewardship and long-term value.
Market Strategy and Positioning
Triton Realty Group’s approach went far beyond a standard listing. Drawing on a multi-year relationship with the seller, Matthew Fritzshall designed a bespoke marketing campaign that honored the asset’s legacy and the owner’s desire for discretion. Instead of casting a wide net, the team curated a select audience of proven, local investors—those who understood both the challenges and the potential of a full-scale renovation in Albany Park. This targeted, relationship-driven strategy ensured a smooth transaction, minimized disruption to tenants and the community, and matched the asset with a buyer whose vision for revitalization aligned with the neighborhood’s future. The result: a seamless transfer that set the stage for the property’s rebirth and contributed to the ongoing renaissance of Albany Park.
Frequently Asked Questions (FAQs)
This unique transaction generated keen interest from investors and community members alike.
Q: What distinguished this property from others available in Albany Park?
A: Its scale, mixed-use design, and prime location made it a standout opportunity, especially given the rarity of large assets requiring complete renovation in this thriving submarket.
Q: What was the biggest challenge in marketing the property?
A: Balancing the seller’s desire for a discreet, targeted process with the need to attract serious, qualified buyers was key—requiring deep local relationships and an intimate knowledge of investor appetites.
Q: How does a full renovation impact the investment thesis?
A: A comprehensive renovation allows for a complete repositioning—upgrading units, improving building systems, and enhancing curb appeal—opening the door to higher rents and stronger long-term returns.
Q: Why focus on local, qualified buyers?
A: Local investors bring both market expertise and a commitment to the neighborhood, increasing the likelihood of a sensitive, successful transformation that benefits both the new owner and the community.
Q: How did Triton Realty Group’s approach benefit the seller?
A: By leveraging trust and market insight, Triton delivered a process that was both efficient and respectful, ensuring the property’s legacy would continue with a new owner capable of realizing its full potential.
Want to achieve results like this?
Contact Matthew Fritzshall, President & Founder of Triton Realty Group, at (312) 788-9379 or visit tritonrealtygroup.com to unlock the hidden potential in your Chicago property and shape tomorrow’s skyline.
