Essex Realty Group Facilitates $2.15 Million Sale of 14-Unit Downers Grove Property

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the Downers Grove 14-unit apartment sale of 405 Austin Street, a well-located suburban multifamily property. The asset sold for $2,150,000.

Property Overview: 14-Unit Suburban Multifamily Asset

The well-maintained building features a diverse unit mix consisting of one studio, nine one-bedroom and one-bathroom units, and four two-bedroom and one-bathroom units.

The property is all-electric with electric baseboard heating and individual hot water tanks in each unit. Kitchens and bathrooms were updated approximately ten years ago, and ownership completed several recent capital improvements including tuckpointing in 2024, lintel updates in 2023, and iron balcony upgrades in 2023.

Transaction Representation and Market Execution

The transaction was arranged by Essex Realty Group Director Anthony Citriglia and Associate Jimmy Donahue, who represented the seller. Jimmy Donahue and Associate Karla Galva represented the buyer.

“This transaction highlights the continued demand for well-located suburban multifamily assets with stable in-place cash flow,” said Donahue. “The assumable financing at a 3.31 percent interest rate provided a great opportunity in today’s capital markets environment and ultimately drove strong buyer interest.”

Buyers were particularly attracted to the assumable loan carrying a 3.31 percent fixed interest rate maturing December 31, 2030, offering a competitive advantage relative to current market financing conditions.

The property’s stabilized operations and consistent maintenance further supported strong investor demand.

Prime Location Near Downtown and Metra Access

Located near the Fairview Avenue Metra Station and Downtown Downers Grove, the property benefits from strong walkability and commuter access. Proximity to local retail, dining, and major employment corridors supports consistent rental demand and long-term investment stability.

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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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