Essex Realty Group Closes Three-Building Multifamily Portfolio in Berkeley, IL

CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of the Berkeley Portfolio, an 18-unit, three-building multifamily portfolio in Berkeley, Illinois. The transaction closed on October 2, 2026. Director Anthony Citriglia represented the seller, while Director Jimmy Donahue represented the buyer.

The portfolio includes three brick apartment buildings at 5607 Berkeley Avenue, 5611 Berkeley Avenue, and 1400 North Hillside Avenue. Together, the properties contain 18 apartments, including one studio, two one-bedroom/one-bathroom units, and 15 two-bedroom/one-bathroom units. This unit mix provides a foundation for consistent rental demand in the western suburbs.

Furthermore, in-place rents remain below market levels, creating an opportunity for the new owner to increase revenue through strategic rent adjustments. At stabilization, the portfolio is projected to achieve a 7.26% capitalization rate and a 1.60x debt service coverage ratio. These projections highlight the property’s potential for improved operating performance while supporting financing flexibility.

Transaction Summary

Value-Add Potential in the Berkeley Multifamily Market

The Berkeley Portfolio offers investors an opportunity to enhance performance through rent growth. Because current rents are below prevailing market levels, the incoming owner can evaluate potential increases as leases turn over and units become available. In turn, these adjustments could strengthen net operating income and overall property value.

Moreover, the portfolio’s projected 7.26% capitalization rate and 1.60x debt service coverage ratio at stabilization indicate potential for attractive operating performance. While actual results will depend on execution and market conditions, these projections offer investors a framework for evaluating the property’s income potential and financing options.

Broker Representation

Essex Realty Group Director Anthony Citriglia represented the seller, while Director Jimmy Donahue represented the buyer. Through a competitive marketing process, the team generated buyer interest and secured strong pricing and favorable terms for the seller.

“Well-located suburban assets with rental upside remain in high demand, and we positioned this portfolio to capitalize on that. By creating a competitive bidding environment, we were able to drive strong pricing and favorable terms, delivering an outstanding result for our seller,” said Director Anthony Citriglia.

Berkeley, IL Location and Connectivity

Located along St. Charles Road, the Berkeley Portfolio benefits from convenient access to public transportation and major roadways. The properties sit less than half a mile from the Berkeley Metra Station on the Union Pacific West Line, providing rail service to downtown Chicago. Additionally, residents benefit from access to Interstates 294 and 290, connecting the western suburbs with employment centers throughout the Chicago metropolitan area.

The surrounding area is also benefiting from ongoing revitalization efforts along the St. Charles Road corridor. These initiatives include an updated Corridor Plan and an active Tax Increment Financing (TIF) district. Together, these efforts reflect continued public investment in local commercial and residential development, adding important context for investors evaluating the area’s long-term prospects.

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.