Connect CRE

Essex Sets Apartment PPU Record in Downers Grove

August 29, 2023

Essex Realty Group, Inc., a Chicago-based multifamily brokerage firm, recently facilitated the sale of Fairview Station Flats, an 18-unit apartment building located at 5117 Fairview Avenue in Downers Grove. The new construction property is located about 30 miles outside of Chicago.

The seller, a local investor, hired the Essex suburban team to exclusively market the property for sale. Derek Kaptanoglu and Brian Karmowski lead marketing and sold the property to a local investor for $7.8 million or $433,333 per unit. The building was delivered in 2022 and features large layouts, high-end finishes, and thoughtful design choices.

“The team was pleased to source a buyer in short order. The high sale price and time of sale corroborates the narrative that many Chicago investors are looking to the suburbs for future investments. Despite turbulent market conditions, we conducted a dozen showings and procured several offers,” said Brian Karmowski.

Read Full Article at Connect CRE
Tagged in this post: Brian Karmowski