Essex Sells 56-Unit North Riverside Property, First Sale in Building’s 60+ Year History
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of Forest View Apartments, a 56-unit multifamily property located at 2900 Lincoln Avenue in North Riverside, a suburb 12 miles west of Chicago.
Essex Managing Director, Brian Karmowski, and Managing Broker, Brian Kochendorfer, teamed up to sell the property for the original developer’s family. The developer’s original intent was to condo the units, but instead decided to rent. This being the case, the average unit size is nearly 1,200SF, significantly larger than a standard apartment unit.
The buyer, a local investor, purchased the property for $7,200,000. The purchase price reflects a cap rate of 4.5%, and a GRM of 8.7. Karmowski and Kochendorfer represented both the buyer and seller.
The unit mix is comprised of (2) studios, (13) 1-bedroom, (34) 2-bedroom and (7) 3-bedroom units.
The property is located across the street from the McCormick Woods, a nature preserve expanding across 43 acres. The preserve includes lush landscaping, paved walking and bike trails, and a vast stretch of the Des Plaines River, offering tenants a quiet greenspace just steps away. Tenants can also enjoy the Brookfield Zoo, located within walking distance of the property, and access to several public transportation outlets, schools, and a public library.