Essex Quietly Closes $5M Condominium Building in Park Ridge
Essex Directors Brian Karmowski and Anthony Citriglia led the sale efforts, ultimately selling the property for $5,000,000. The price tag reflects a 5.21% cap rate and 11.86 GRM. Essex represented both the buyer and seller.
The property was offered to a local investor as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The property was delivered in 2007 and is comprised of fourteen 2-, and two 3-bedroom units. The property also features an elevator, a 27-car heated garage and 9 surface parking spaces.
The property is in a highly coveted area within Park Ridge, close to both I-90 and the Blue line. Tenants are also within proximity to several parks, restaurants, bars, and access to a highly rated public school system. The buyer purchased a high-quality asset with large layouts and below-market rents. The new owner can increase the rent with significant cosmetic updating needed.