Connect Chicago

Essex Makes Quick Sale of Niles Multifamily

November 16, 2020

Essex Realty Group finalized the sale of 9448 Washington St., a 10-unit multifamily property in the near north suburb of Niles, IL. Engaged to market the property in late August, the team placed the building under contract less than two and a half weeks later. The property closed approximately 60 days later for $1,010,000.

Essex director Anthony Citriglia and managing director Brian Kochendorfer brokered the sale.

“The sellers are entrepreneurs with their hands in several different business and asset classes,” said Citriglia. “With today’s low-interest rates and buyer demand for real estate in Chicago’s north suburbs, the sellers felt the time was right to capitalize on the sale of Washington Street.”

The property was maintained by the same owner for almost 20 years. While the property is low maintenance as-is, a new owner has the opportunity to update the units and increase rents.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

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Tagged in this post: Anthony Citriglia , Brian Kochendorfer