Essex Sells $3.7M Highwood Apartment Property
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 15 Clay Avenue, located in the highly coveted Lake County suburb of Highwood, IL.
Suburban multifamily broker Anthony Citriglia of Essex Realty Group, Inc. was hired by the seller to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in six offers to purchase the property. The property sold within 95% of the list price to a local investor for $3,700,000, which equates to $308,333 per unit.
“Built in 2008 this coveted building was built as condos and converted into apartments during the financial collapse,” explained Citriglia. He continued, “The large floor plans and high-quality finishes make this asset a desirable place for tenants to live. Investors were drawn to this opportunity due to the low rents and proximity to the thriving retail and restaurants in downtown Highwood.”
15 Clay Avenue is a 12-unit apartment building comprised of mostly two-bedroom apartments and a single one-bedroom unit. Completed in 2008, the apartment units have large floorplans with high-end finishes and laundry in-unit. There are 25 parking spaces on-site: 12 outdoor and 13 inside the heated garage. The property is located just steps from downtown Highwood and less than one-half mile from the Highwood Metra Station.