Essex Realty Group, Inc. Brokers Sale of 108-Unit Oak Lawn Portfolio, Again
Essex Realty Group, Inc., a leading mid-market brokerage firm based in Chicago, is pleased to announce the sale of 10409-10435 Menard Avenue and 10300-10320 Parkside Avenue, a 108-unit apartment portfolio located in Chicago’s southwest suburb of Oak Lawn.
In 2017, Essex sold the portfolio to the current seller, a private partnership which deconverted the property from condominiums into rental apartments.
In 2019, Essex was again engaged to market the property, conducting an extensive marketing campaign resulting in 20 property tours and multiple offers.
The portfolio was purchased by a 1031 exchange buyer for approximately $8,000,000 who plans to improve the property with updates to the interiors and common areas.
Essex Realty Group President Doug Imber, Principal Kate Varde and Managing Director Brian Kochendorfer were the brokers on the transaction.
Both properties feature vintage interior finishes and recent capital improvements including new roofs at 10300 Parkside, and 10435 Menard; a new boiler at 10409 Menard; and six new furnaces at 10300 Parkside. The properties both feature laundry rooms on-site and ample outdoor parking.
The Oak Lawn Portfolio helps complete a record year for Essex with suburban transactions of $125 million in sales.