Essex Brokers 4th Suburban Apartment Building In Three Months
Essex Realty Group, Inc., a mid-market multifamily brokerage firm based in Chicago, is pleased to announce the sale of 1620 Dempster Avenue, a 16-unit multifamily building located in the Cook County suburb of Park Ridge.
Essex Directors Brian Mond and Brian Karmowski represented the seller, a local investor, in this transaction. This Essex team conducted an extensive marketing campaign resulting in more than 20 property tours and multiple offers. The property closed for approximately $1,840,000. Mond represented the buyer, a local investor.
This 16-unit property is comprised of studio and one-bedroom apartments, 22 exterior parking spaces and 14 covered garage spaces. Partially renovated in 2010, the units feature new flooring, white kitchen cabinets, and stainless-steel appliances. Shared laundry is located on-site. A value-add opportunity exists for a new owner to complete additional renovations to the apartment interiors to increase rental income.
“Investors continue to seek well-located suburban assets and Dempster was no exception. We experienced tremendous interest from the start and received multiple offers, further justifying the current demand for suburban properties. Congrats to everyone involved,” said Karmowski.
The Property is directly across the street from Lutheran General Hospital, less than a mile from Maine East High School, and is located off Dempster St., which features numerous shops and restaurants. The Dee Road Metra Station is located 1.5 miles from the Subject Property providing tenants easy access to downtown Chicago and the surrounding suburbs.
This is the fourth suburban multifamily property closed by brokers at Essex Realty Group, Inc. in the last three months as 6718 174th Place in Tinley Park, 2058 Linden Avenue in Waukegan, and 1324 E. Roosevelt Road in Wheaton have all recently closed as well.
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.