Essex Realty Group Lists 220-Unit Suburban Apartment Complex
Pebblewood Court Apartments located at 2230 Breezewood Lane in Hanover Park, IL has been listed for sale by Chicago-based multifamily brokerage firm Essex Realty Group. The complex features 220-units across eleven (11) two-story, walk-up style buildings, a leasing and management office, swimming pool, maintenance building and garage, workshop space, and 330 parking spaces over 10 acres of land.
“Given the strong performance of the property combined with historically low interest rates, this is one of the best values we have seen come to the market all year,” says Doug Imber, Essex president and listing broker representing the sellers along with Principals Doug Fisher and Kate Varde.
Each building is comprised of twenty (20) apartments, a boiler, a hot water tank, storage lockers, and a card-operated laundry room. Units feature vinyl wood and carpet flooring, white appliances, wood cabinetry, laminate countertops, radiant baseboard heat, and through-wall air conditioning units. Select units feature updated finishes including stainless steel appliances, granite countertops, and updated bath fixtures and vanities. Since August 2019, current ownership has invested over $435,000 in capital improvements.
The property has continued to perform well throughout the pandemic. Since March, occupancy at the property has remained between 96% and 99%. In addition, current ownership has maintained strong collections and leasing activity that has resulted in increased rents on new leases.
The listing price is subject to offer.
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.