Oak Forest Multifamily Portfolio Sale

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of the Knox & Kilpatrick Apartments, a 96-unit multifamily portfolio located in Oak Forest, Illinois.

Transaction Representation

Essex Principal Brian Karmowski and Associate Jimmy Donahue facilitated the transaction, representing both the seller and buyer.

Portfolio Overview

The Knox & Kilpatrick portfolio consists of six neighboring apartment buildings featuring an evenly split unit mix of studio and one-bedroom apartments. The property offered investors immediate value-add potential, with ownership having completed interior renovations on 25 units and exterior improvements including a new surface parking lot and full balcony replacement in 2025.

Value-Add Opportunity

At the time of sale, in-place rents were approximately 15 to 25 percent below market, providing a clear path for near-term rental growth with minimal additional capital investment.

“Investor appetite for suburban multifamily assets remains incredibly strong, particularly for stabilized properties with clear paths for rent growth,” said Jimmy Donahue, Associate at Essex Realty Group. “This portfolio’s combination of below-market rents and recently completed improvements created a compelling value-add scenario that attracted significant buyer interest.”

Location Overview: Oak Forest

The portfolio is located in Oak Forest, a South Suburban market supported by stable rental demand and strong commuter access. The properties are positioned less than one mile from the Rock Island District Metra station and offer convenient access to Illinois Route 50 and Interstate 57, providing connectivity to downtown Chicago and surrounding suburban employment centers.

Market Context
This transaction marks the Essex Realty Group Suburban Team’s fifth portfolio sale this year exceeding 60 units, reinforcing the team’s position as trusted advisors for owners executing large-scale multifamily dispositions across Chicago’s suburban markets.

The sale also highlights continued investor demand for scalable suburban multifamily opportunities that offer in-place cash flow, value-add upside, and favorable financing characteristics.

Work With Chicago Multifamily Brokers

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Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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