Two Logan Square Apartment Buildings Change Hands

CHICAGO—Two apartment buildings in Logan Square—3334 West Palmer and 3049 North Spaulding—have sold for a combined $5.3 million, according to Chicago-based brokerage firm Essex Realty Group.

Local Chicago investor group Breneman Investments purchased 3334 West Palmer for $2.65 million to add to its existing Logan Square portfolio. The 3049 North Spaulding property traded for $2.65 million to a private investment group.

The undisclosed seller acquired 3334 West Palmer in 2010 for $615,000 and acquired 3049 North Spaulding in mid-2018 for approximately $2.1 million.

“Closing a sale of this property (334 West Palmer) 10 years later for $2.65 million is a direct reflection of the tremendous growth the neighborhood has seen,” says Essex Realty Group director Jordan Multack.

Essex Realty Group brokers Jim Darrow, Jordan Gottlieb, and Multack were the sole brokers on both transactions.

In another significant transaction in the region, Essex Realty Group reports it has brokered the recent $6.025-million sale of the former Maybelline headquarters at 5935 N. Clark St. in Edgewater, IL.

The historic property is presently configured as a 52-unit mixed-use apartment building comprised of 34 studios, 12 one-bedroom, one bath units, three (non-conforming one-bedroom/one-bath units, one two-bedroom one-bath unit, two non-conforming two-bedroom, one-bath units, 18,930 square feet of commercial space and a 24-car underground garage.

Doug Imber, Kate Varde, Brian Karmowski and Clay Maxfield were the brokers on the transaction.

The unidentified purchaser plans to revitalize 9,700 square feet of long-vacant commercial space in addition to rebranding the building, making interior improvements to the apartments and common areas, and adding a roof top amenity space, Essex Realty Group reports.