Essex Brokers Facilitate Sale of 6th Niles Multifamily Building in Last 14 Months
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 7560 Waukegan Road located in the Chicago suburb of Niles. Situated on the southwest corner of Waukegan Avenue and Howard Street, this nine-unit apartment building is comprised of one one-bedroom and eight two-bedroom apartment floorplans.
Essex Director Anthony Citriglia was the broker on this off-market transaction. The property sold to a local investor for $1,150,000, which equates to $127,777 per unit.
This is the 6th Niles area transaction Citriglia has brokered over the last 14 months. In June, a local investor purchased both 8861 Cumberland Avenue and 8890 Root Street, situated just one block apart, for a total of $1,300,000. Additional previous transactions include the sale of 8828 N. Wisner Street for $750,000, 9448 Washington Street for $1,010,000, and 6930 N. Rosemary Lane for $720,000. Additionally, 7900 N. Caldwell, a 60-unit apartment building located in Niles, is currently under contract.
“Investors are drawn to investment opportunities in Niles for a few reasons. Niles is situated in a great pocket near the northwest side of Chicago offering the comforts and suitability of a suburb, while still giving you quick and easy access to Chicago and some of its vibrant northwest neighborhoods,” explained Citriglia. He continued, “the area also consistently experiences strong rental demand and has shown a steady rental increase year after year, which makes it a solid investment choice. There are a large number of properties managed by long-term owners renting to tenants at below-market rental rates. These types of properties create a great opportunity for investors, who can renovate the properties and subsequently bring rents up to market.”
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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