Essex Realty Group Executes Successful Sale of 7-Building Portfolio in Melrose Park for $8.9M

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of a 105-unit apartment portfolio located in the Chicago suburb of Melrose Park, roughly 13 miles west of Downtown Chicago. The transaction was facilitated by Essex Principal Brian Karmowski, who represented the seller, and Essex Director Abe Eilian, who represented the buyer.

The Portfolio is comprised of seven neighboring buildings on 17th and 18th Avenues with a unit mix of (20) Studio, (79) 1Bd/1Ba, and (6) 2Bd/1Ba apartments. The Portfolio has been owned and operated by the same family since the late-1990s and, during this time, the buildings have been well-managed and meticulously maintained. Because of this, the average tenant tenure at the properties is an impressive 8-years. Recent capital improvements include newly seal-coated parking spaces, new hot water heaters in select buildings, updated porches with new support beams, and recently replaced roofs and siding within the last 5-10 years. Tenants enjoy landscaping, quiet courtyards, solid Flexicore construction, and shared laundry in basements.

“Our marketing efforts yielded numerous tours, multiple offers, and an ultimate sale price of $8.9MM – a strong testament to the Essex platform. Melrose Park has quickly become a robust rental market with limited supply and significant demand.” said Brian Karmowski, Principal at Essex Realty Group, LLC.

Melrose Park encompasses just over four square miles and is bordered by Maywood to the south, River Forest to the west, and River Grove to the north. The buildings are situated approximately seven miles south of O’Hare International Airport and provide convenient access to Interstate 294 and Interstate 290. Residents can take the Metra UP-W line located just 1.4 miles away for easy access to downtown Chicago and the western suburbs. There are a host of national retail options available nearby on North Avenue, and residents also benefit from a large concentration of nearby major employers and educational institutions such as Gottlieb Memorial Hospital, Amazon Distribution Center, and Triton College, and O’Hare international Airport.