CoStar | Private Investor Pays $15 Million for Naperville Apartment Building

January 24, 2020

A Chicago-based investor acquired the Ellsworth Station apartments at 320 N. Ellsworth St. in Naperville, Illinois, from a local owner for $15 million, or about $384,600 per door.

The four-story, 36,000-square-foot multifamily property delivered in 2018 on almost a full acre, just three blocks from the city’s downtown dining and shopping district. The property offer 39 apartments, two fitness rooms, a community room and heated garage parking.

The buyer financed the acquisition in-part with a new $8.5 million mortgage loan provided by JP Morgan Chase Bank N.A. The deal reportedly closed at a 6% capitalization rate.

Doug Imber, Kate Varde and Clayton Maxfield of Essex Realty Group represented the seller. Doug Fisher, also with Essex Realty Group, represented the buyer in the sale.

Please see CoStar COMPS #5004960 for additional information on this transaction.

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

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Tagged in this post: Doug Imber , Kate Varde