Essex Realty Group Closes Historic Schoolhouse Apartments Portfolio in McHenry County
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of Schoolhouse Apartments, a 10-unit, three-building multifamily portfolio located at 435, 441, and 447 W. Main Street in Cary, Illinois. The portfolio combines two newly constructed buildings completed in 2024 with a historic schoolhouse that underwent a full gut renovation that same year.
Essex Realty Group Principal Brian Karmowski, Director Anthony Citriglia, and Director Jimmy Donahue represented the seller in the transaction.
Transaction Summary
| Sale Price | $2,600,000 |
|---|---|
| Property | 435, 441, and 447 W. Main Street, Cary, IL |
| Neighborhood | Cary, McHenry County |
| Property Type | Multifamily Portfolio |
| Unit Count | 10 units across three buildings |
| Representation | Seller Representation by Essex Realty Group |
| Transaction Team |
Brian Karmowski, Principal
Anthony Citriglia, Director
Jimmy Donahue, Director
|
Schoolhouse Apartments Property Overview
Schoolhouse Apartments consists of 10 apartments across three buildings. The portfolio includes six three-bedroom, two-bathroom apartments measuring approximately 1,200 square feet each. It also features four two-bedroom, one-bathroom apartments measuring approximately 900 square feet each.
The centerpiece is the historic schoolhouse at 441 W. Main Street. Following a full gut renovation in 2024, the building was converted into four modern apartments. These residences feature 13-foot ceilings, rustic finishes, and distinctive vintage character.
Meanwhile, the adjacent properties at 435 and 447 W. Main Street offer newly constructed apartments. Completed in 2024, each building is a three-flat containing three three-bedroom, two-bathroom apartments. Together, the three buildings create a distinctive combination of historic architecture and modern construction.
Broker Representation and Sale Details
Essex Realty Group Principal Brian Karmowski, Director Anthony Citriglia, and Director Jimmy Donahue represented the seller in the sale of Schoolhouse Apartments.
According to Citriglia, the portfolio stood out for its combination of new construction, historic character, and potential for future rental income growth. The property’s unique design and low-maintenance features also contributed to its appeal among investors.
“Schoolhouse Apartments is a rare combination of brand-new construction and genuine historic character, and the seller did an outstanding job bringing that vision to life. The schoolhouse conversion gave the portfolio a level of charm you simply can’t replicate, and buyers recognized that right away. It’s hard to beat a newer, low-maintenance property with clear upside, and we expect demand for multifamily in McHenry County to remain strong for the foreseeable future,” said Director Anthony Citriglia.
Schoolhouse Apartments and the Cary Market
Located in Cary, Illinois, Schoolhouse Apartments offers residents access to the amenities and transportation options of the northwest suburbs. The property’s three-building layout also provides a mix of apartment sizes and styles within a single portfolio.
Furthermore, the combination of newly constructed apartments and a renovated historic schoolhouse gives the property a distinctive character. Together, these features highlight the appeal of well-maintained multifamily investments in McHenry County.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs.