Essex Realty Group Facilitates Record Breaking $683,000 Per-Unit Sale of Boutique Luxury Apartment Building in Chicago Suburb

January 11, 2022

CHICAGO, IL – Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of The Washington located at 720 N. Washington Street in the highly desirable Chicago suburb of Naperville, IL.

Essex Managing Director Brian Karmowski represented the seller, a development group led by Joshua Voit, in this transaction. The Essex team managed an extensive marketing campaign which led to the property going under contract after just one week on the market. The Washington sold for $6,833,200. Ron Plonis, a broker with Kiser Group, represented the buyer.

“At over $683,000/unit and 99% of list price, The Washington represents the highest $/unit for a Naperville mixed-use property in the last several years, setting a record for the submarket. The high level of activity in just a matter of days demonstrates not only the efficacy of the Essex marketing plan, but the current demand for quality suburban assets – especially in DuPage County,” Karmowski adds.

This 10-unit boutique luxury property was completed in late 2018 and includes eight rental residences, 6,500 SF of commercial space, and 36 parking spaces. “This building incorporates design and lifestyle components rarely seen outside of Chicago. The residences are well appointed with beautiful finishes and thoughtful layouts”, says Voit.

The unit mix includes large one- and two -bedroom floorplans featuring designer finishes and modern amenities. The first-floor commercial tenants – Great Western Flooring and Gantos Dental Group – are currently on 10-year, NNN leases that expire in 2028 and 2029, respectively.

The Washington is conveniently located one-quarter mile from the Naperville Metra station and approximately one-half mile north of beautiful Downtown Naperville.

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