Essex Closes 4th Suburban Multifamily Property in One Month

Essex Realty Group, Inc. is pleased to announce the sale of 8828 N. Wisner Street, a six-unit multifamily property located in the near north suburb of Niles, IL. This is the fourth suburban multifamily property Essex has closed within the last 30 days as 1001 Argyle Street in Bensenville, 1217 S. Forums Court in Wheeling and 2256 W. Nichols Road in Arlington Heights have all recently closed as well.

The buyer, a local investor, purchased the property for $750,000, which equates to $125,000 per unit. Essex Director Anthony Citriglia was the broker on this transaction.

“This transaction is a great example of how desirable the north suburbs of Chicago are lately. Investors are attracted to this market for its overall stability and great tenant base. A major contributor to this market’s demand is how little it transacts, which only expedites how fast these properties sell,” explains Citriglia.

The property is situated east of the Milwaukee and Dempster intersection and is ideal for tenants as it is close to retail shops and restaurants as well as public transportation. The property has been well maintained under the same ownership for nearly 20 years. The building’s unit mix consists of five 2 bed/1 bath apartments and one 1 bed/1 bath apartment. The upstairs apartments feature hardwood floors throughout the unit with laminate in the kitchen, and the bottom units feature a mixture of laminate and carpet flooring. The building has a central boiler and water heater, while the units have individual sleeve air conditioners provided by the property owner.

Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit https://essexrealtygroup.com for access to our multi-family listings and more information.