Essex Lists Crestline Villa Apartments: A 144-Unit Complex in Alsip, IL
CHICAGO, ILLINOIS – The Essex Realty Group, Inc. Managing Director, Brian Karmowski, and Managing Broker, Brian Kochendorfer, have teamed up to list Crestline Villa Apartments, an attractive 144-unit garden-style apartment complex located in Alsip, IL.
The complex sits on nearly six acres and consists of twelve, twelve-unit buildings all of which are positioned around a communal grassy courtyard. There are 48 one-bedroom and 96 two-bedrooms units; 40 of which were recently remodeled with modern finishes including laminate wood flooring, granite counters, new cabinetry, ceramic tile, and stainless-steel appliances. An additional 15 units have received partial rehabs that include new flooring, trim, paint, and fixtures. Each apartment has either a shared patio or private balcony, and access to a dog park on the adjacent parcel. The property also offers over 300 surface parking spaces.
“This is an exceptional property for an investor seeking scale in a stable location,” said Brian Karmowski. “There is immense opportunity to maximize income by remodeling the remaining units and increasing rents 25-33%. The owner has recently leased one-bedroom units for $1,300 and remodeled two-bedroom units for $1,600 per month,” he continued.
In addition to unit rehabs, the owner has recently completed several capital improvements including the replacement all roofs and siding (12 buildings), all hot water tanks (12), and refinished all common areas and hallways – spending over $1.5M dollars. The complex is also within proximity to interstates I-294, I-57, several Metra stations, and numerous restaurant and retail options; not to mention the several major employers in the area.
Crestline Villa Apartments, located at 4209 W 115th Street, are being offered for sale for a price of $19,750,000. The price reflects a capitalization rate of 5.67% and a gross rent multiplier of 8.89.