Essex Brokers Facilitate Sale of $12M Luxury Townhome Portfolio
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a portfolio of 27 townhomes in three complexes located in the affluent north suburbs of Winnetka and Wilmette.
The seller, a local investor, hired the multifamily team comprised of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in multiple offers. The portfolio ultimately sold to a local investor for $12,225,000 which equates to $452,778 per unit. The buyer was also represented by the team of Imber, Varde, Steinher and Shepherd.
“This was quite a unique offering, and the portfolio was well received by the market as investors recognized this was a rare opportunity to acquire immediate scale in this affluent market. Plus, rental demand continues to increase in quality suburban locations,” explains Varde.
The offering includes five townhomes at 601-617 Park Ave. in Wilmette, IL, 12 townhomes at 700-708 & 726-738 Green Bay Rd. in Winnetka, IL, and 10 townhomes at 3115-3119 Lake Ave. in Wilmette, IL. The portfolio also includes 30 garage parking spaces and 20 exterior spaces. Additionally, the properties each provide amenities usually reserved for homeownership including private backyards, garage parking, multiple storage spaces, and finished basements in select units. These units offer tenants the unique opportunity to experience high-end, spacious, units typically not available to the rental market.