Essex Realty Group Sells 28-Unit Apartment Community in Lombard, IL
Essex Realty Group, LLC announced the sale of 1024–1036 E. Division Street, a 28-unit apartment community in Lombard, Illinois. The multifamily property includes seven buildings situated on approximately 1.5 acres. Built in 1966, the community offered investors an opportunity to increase revenue through operational improvements and rental growth.
Brian Karmowski and Anthony Citriglia of Essex Realty Group represented the seller. Jimmy Donahue represented the buyer, who was completing a 1031 exchange. The transaction required careful coordination to meet the buyer’s exchange timeline.
1024–1036 E. Division Street Sale: Transaction Summary
| Sale Price | Not Disclosed |
|---|---|
| Property | 1024–1036 E. Division Street |
| Neighborhood | Lombard, Illinois |
| Property Type | Multifamily |
| Unit Count | 28 units |
| Representation | Seller and buyer representation by Essex Realty Group |
| Transaction Team |
Brian Karmowski, Principal
Anthony Citriglia, Director
Jimmy Donahue, Director
|
Multifamily Investment Opportunity in Lombard
The 1024–1036 E. Division Street sale highlights the continued appeal of value-add multifamily investments in Chicago’s western suburbs. The property consists of 28 apartments across seven buildings on approximately 1.5 acres. It was originally constructed in 1966.
The property’s investment potential was supported by below-market rents and opportunities to improve occupancy. In addition, month-to-month leases provided flexibility for future ownership. These factors created several paths to increase income over time.
1031 Exchange Buyer and Transaction Coordination
The buyer acquired the property as part of a 1031 exchange. This type of transaction requires coordination around a defined exchange timeline. As a result, keeping the sale on schedule was an important part of the process.
Essex Realty Group’s brokers worked together to coordinate both sides of the transaction. Their efforts helped keep the process moving and supported the buyer’s exchange requirements.
Lombard Location and Nearby Amenities
Located in Lombard, the property benefits from access to transportation, outdoor recreation, and established suburban amenities. The community sits directly alongside the Illinois Prairie Path, a regional trail used for walking, running, and cycling.
Residents also have access to nearby Metra service. The Lombard and Villa Park stations serve the Union Pacific West Line, providing rail connections to downtown Chicago and surrounding communities. Additionally, the property is within reach of major shopping destinations, including Oakbrook Center and Yorktown Center.
These location features contribute to Lombard’s appeal among renters seeking suburban living with access to employment centers, transportation, and everyday amenities.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs.
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