Essex Sells Des Plaines Apartment Property

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 400-416 Laurel Avenue, located in the Cook County suburb of Des Plaines, IL.

Suburban multifamily 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 more than 20 property tours five offers. The property sold within 91% of the list price to a local investor for $1,025,000, which equates to $113,888 per unit. Essex director Derek Kaptanoglu represented the buyer.

Citriglia believes investors were attracted to both the deal size and property location, he adds, “The buyer is a new multifamily investor and saw the value-add potential the property offered. I congratulate everyone involved in this transaction, especially the buyer on officially closing his first deal.”

400-416 Laurel Avenue is a nine-unit multifamily building located in the near north suburb of Des Plaines. The unit mix is comprised of mostly two-bedroom apartments and a single one-bedroom apartment. The property offers a new owner multiple value-add opportunities including making updates to the interiors and increasing operational efficiencies. With the demand for housing in this location, a new owner can achieve future upside.