20-Unit Apartment Building Sold in Cicero, Illinois
CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the successful sale of 1801 S. 51st Avenue, a 20-unit multifamily property located in Cicero, Illinois.
Transaction Summary
- Transaction Type: Cicero Apartment Building Sale
- Address: 1801 S. 51st Avenue, Cicero, Illinois
- Submarket: Cicero
- Property Type: Multifamily Apartment Building
- Unit Count: 20 Units
- Brokers: Principal Brian Karmowski (Seller) and Director Anthony Citriglia (Buyer)
Property Overview: 20-Unit Apartment Building in Cicero
The all-masonry apartment building consists of nine studio apartments, three one-bedroom/one-bathroom apartments, and eight two-bedroom/one-bathroom apartments.
At the time of sale, the property was fully occupied and benefited from several recent capital improvements, including new windows, a new rubber roof layer, and renovations to multiple apartment units.
Broker Representation for the Cicero Apartment Building Sale
Principal Brian Karmowski represented the seller, while Director Anthony Citriglia represented the buyer in the transaction.
The property garnered strong investor interest due to its attractive in-place cash flow, demonstrated value-add potential, and participation in Cook County’s Affordable Housing Special Assessment Program (AHSAP). The program provides a 35% reduction in assessed value through the 2031 assessment year, offering meaningful long-term tax savings for ownership.
Additionally, below-market rents and proven rental premiums on renovated units presented a clear opportunity for future revenue growth.
“Essex successfully generated 15 tours and 7 offers for Stella Apartments in just three weeks, a testament to the Essex marketing platform and the continued demand for quality suburban assets. Furthermore, the closing price was 100% of the list price, with several other offers over 95% of the list price,” said Principal Brian Karmowski.
Cicero Multifamily Investment Market
Located in a well-connected section of Cicero, the property benefits from convenient access to the Cicero Metra Station, CTA Pink Line service, Interstate 290, major retail centers, and Morton College.
These demand drivers, combined with the property’s strong operating fundamentals, contributed to a competitive sales process and continue to support investor demand for well-located multifamily assets throughout the western suburbs.
Work With Chicago Multifamily Brokers
To learn more about Chicago multifamily investment opportunities or connect with an Essex Realty Group broker, please fill out the form below.
MESSAGE US
About Essex Realty Group, LLC
Essex Realty Group, LLC is a leading Chicago multifamily brokerage firm specializing in the sale of apartment buildings throughout the Chicago metropolitan area. The firm advises private investors, institutions, and property owners on multifamily investment sales across the city and surrounding suburbs.