Essex Closes Glen Ellyn Apartment Building In 30 Days
CHICAGO, IL – Essex Realty Group, Inc. is pleased to announce the sale of Hillside Apartments located at 530-532 Hillside Avenue. This 12-unit multifamily property is located in the highly desirable DuPage County suburb of Glen Ellyn.
Essex was engaged to market the Hillside Apartments in mid-October 2020. After conducting an extensive marketing campaign resulting in 24 property tours and 12 offers, the property was placed under contract after just two weeks on the market. The property closed approximately two weeks later for $85,000 more than the original asking price. The final sale price was $1,435,000.
Essex Managing Director Brian Kochendorfer and Director Brian Karmowski were the brokers on the transaction.
Hillside Apartments has been in the same family for nearly three decades and been impeccably maintained since acquisition. The property is comprised of three studios and nine 1 bed/1 bath units. Current ownership has renovated 10 of the 12 units with newer kitchens and bathrooms, refinished flooring, and updated fixtures. Due to the generous square footage of the one-bedroom units, an investor has the opportunity to convert these units to two bedrooms, potentially realizing a significant increase in rents. The Hillside Apartments presented an investor the opportunity to acquire a well-performing asset with significant rental upside in a great location just two blocks from the Glen Ellyn Metra Station.
Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily real estate brokerage firm. Contact us to learn more about our recent Chicagoland multifamily and mixed-use property sales and talk to a Chicago multifamily broker today.