LOGAN SQUARE — A 45-unit courtyard building on Logan Square’s Humboldt Boulevard recently sold for $8.8 million, nearly double what it sold for in 2013.
A local investor operating under the name Kotick Investments LLC bought the renovated building at 1832-1842 N. Humboldt Boulevard in hopes it will “continue to perform for many years to come,” according to Jordan Multack of Essex Realty Group, the real estate firm that brokered the sale.
The deal closed before Thanksgiving, Multack said.
Multack said the buyer isn’t planning to do any major renovations himself. Attempts to reach the buyer were unsuccessful.
The sale is striking because the building, which was originally built in the early 1920s, last sold for about $4.7 million in 2013, according to Cook County property records.
“To sell six years later for almost twice as much really highlights the growth of Logan Square,” Multack said.
Asked about the huge leap in price, Multack and Jim Darrow, also with Essex, said courtyard buildings, with their green space and curb appeal, are highly sought after and difficult to find in Logan Square.
“They don’t come up for sale that often. People who own them usually hold onto them,” Multack said.
The building is also unique in that it was very well-maintained and is within walking distance of The 606’s Bloomingdale Trail and other neighborhood amenities, including critically acclaimed restaurants and bars, the brokers said.
“There’s this hip aspect west of the highway that’s drawing a lot of people,” Multack said.
RE Journals was first to report on the sale.
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