Essex Represents both Buyer and Seller on Forest Park Portfolio

CHICAGO, ILLINOIS – Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of a 24-unit apartment portfolio located in Forest Park, a suburb west of Chicago.

The sellers hired Essex broker Derek Kaptanoglu to represent them in the sale. According to Kaptanoglu, “at the time of closing, more than half of the units had been renovated and were renting 25% above the nonrenovated units, offering significant upside for a future owner in addition to a strong in-place cap rate”.

Essex’ marketing campaign generated interested from several investors, securing eleven tours and multiple competitive offers. The portfolio ultimately sold for $2,160,000. The sale price reflects a 7.54% cap rate, and 7.19 GRM. Kaptanoglu also represented the buyer.

The property is conveniently located within proximity to the Forest Park Blue Line, providing quick access to Chicago’s downtown. Its location also provides tenants with many conveniences within walking distance, like the Forest Park Forest Preserve, and major employers such as Loyola University Medical Center.