Essex Brokers Tinley Park Multifamily Property In Under 10 Weeks

July 01, 2021

Essex Realty Group, Inc. is pleased to announce the sale of 6718 174th Place, a 12-unit multifamily property located in the Cook County suburb of Tinley Park, IL.

Essex Director Derek Kaptanoglu represented the seller, a local investor. The property was released to the market in early April and placed under contract just two weeks later. It closed less than 60-days later for $1,690,000. Essex Principal Steve Livaditis represented the buyer, a local investor.

“The fully occupied property closed at just over $140,000/unit representing one of the highest recorded sales on a per unit basis for a rehabbed multifamily property in Tinley Park. The sale emphasizes the strong demand for stabilized suburban assets in locations near downtown areas and public transportation,” explains Kaptanoglu.

6718 174th Place is comprised of one- and two-bedroom apartment units and presented a new owner with a stabilized multifamily investment opportunity. In 2019 and 2020 the property received a complete renovation including a new roof, new state-of-the-art mechanical systems, new luxury finishes inside each apartment, plus new balconies. The property is conveniently located across the street from the Tinley Park Metra Station.

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.

Tagged in this post: Steven Livaditis