Essex Closes $10.3M, 138-Unit, Apartment Portfolio in Matteson, IL
CHICAGO, ILLINOIS – Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of a 138-unit apartment portfolio located in Chicago’s southwest suburb of Matteson.
The seller hired Essex brokers Kate Varde, Brian Karmowski and Derek Kaptanoglu to represent him in the sale. According to Varde, this was an unusually complicated transaction due to the physical and economic distress of the asset. Fortunately, all the parties, which included a special servicer, and the Village of Matteson were able to work together to help successfully close this sale.
After extensive marketing, the portfolio sold for $10,300,000. The sale price reflects a 7.49% cap rate and 5.45 GRM. The buyer, a national investor, is planning a substantial physical and managerial turnaround of the properties.
According to Kaptanoglu, “Matteson and the nearby suburb have little new multifamily construction projects underway. The planned enhancements to these ten buildings, all situated within a half mile of one another, will make a fantastic impact on the quality of the area’s current housing stock.”