Essex Lists 96-Unit Oak Forest Apartment Portfolio

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced it has been exclusively engaged to market for sale a 96-unit apartment portfolio located in the city of Oak Forest.

The portfolio is comprised of six neighboring buildings and has a unit mix of 48 studios and 48 one-bedroom units, as well as 105 surface parking spaces. The properties are located at 15301, 15311, 15302, and 15312 Knox Avenue, and 15311 and 15301 Kilpatrick Avenue. Current ownership has completed interior renovations on 25 of the units as well as exterior improvements to the parking lot and balcony in 2024.

Current rents are 10%-15% below market as-is, providing immediate rent growth potential with minimal additional work required. The portfolio presents investors with a rare opportunity to acquire scale in a growing suburban market, supported by a strong, stabilized income stream. Additionally, there is an assumable debt available with a 4.40% fixed interest rate until August 1,2027.

The property is listed by Essex Managing Director Brian Karmowski. According to Karmowski, “The Subject Property is an ideal opportunity to acquire immediate scale in a growing suburb of Chicago. An investor can achieve a going-in cap rate of 6.8% with significant upside. Furthermore, the Village of Oak Forest has recently approved or completed several new development projects that will continue to elevate the area and benefit the future owner of Knox and Kilpatrick Apartments.”

Oak Forest is a community located roughly 24 miles southwest of downtown Chicago, making it a convenient suburb for commuters. In addition to being surrounded by Cook County Forest Preserves, the Oak Forest Park District maintains several parks, where residents can enjoy playgrounds, sports fields, and walking paths, as well as numerous recreational programs for all ages offered by the city.

Known for its reputable schools, the school system is comprised of multiple elementary and high schools, as well as Moraine Valley Community College, which provides higher educational opportunities to the community. The city also has a range of local shops, dining options, and services that contribute to its appeal for families and professionals alike.

The Knox & Kilpatrick Portfolio is ideally located less than one mile from the Oak Forest Rock Island District (RI) Metra station, one block from IL-50, and 2.4 miles from I-57, offering easy access to Chicago and surrounding suburbs.