Essex Sells Franklin Park Apartment Property Over List Price
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 10207-10217 Chestnut Avenue in Franklin Park, IL.
Multifamily broker Derek Kaptanoglu 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 the property going under contract after just 10 days on the market. The property sold $25,000 over list price to a local investor for $2,350,000, which equates to $97,916 per unit. Kaptanoglu also represented the buyer.
“This was a rare opportunity to acquire immediate scale in Franklin Park which led to multiple offers above list price after just a single tour date. The sale illustrates the continued demand for well-located suburban multifamily assets in the Chicago MSA.” explained Kaptanoglu.
The property is comprised of two adjacent multifamily properties located on the same parcel. Each building is comprised of 12 one-bedroom apartment units, and in addition to the apartment buildings, the parcel also contains 19 exterior parking spaces. The properties have been meticulously maintained by the same over for over 15 years, and recent capital improvements allow a new owner to focus on adding value through cosmetic updates.