Essex Suburban Team Closes Unique $2.8M+ Deal in Riverdale, IL

Essex Realty Group, Inc. recently facilitated the sale of Riverwood Manor Apartments located at 14419 S. Halsted St. in the Cook County suburb of Riverdale, IL.

The seller, a local investor, hired the Essex suburban team to exclusively market the property for sale, with Director Derek Kaptanoglu taking the lead. After less than three weeks on the market, the property went under contract for only $25,000 less than the list price.

“This was a particularly unique deal due to the nature of the property. This is a 55+ active senior living apartment building catering to many long-term tenants. There aren’t many active senior apartment complexes operating as free-market rentals, making it a high demand property for seniors throughout Riverdale and the surrounding suburbs.” said Kaptanoglu. “A key selling point for this building was its non-existent vacancy rate, large number of long-term tenants, and the waitlist of prospective tenants looking to move-in,” he continued.

14419 S. Halsted St. is a 56-unit active senior living apartment building, located directly across the street from the Kickapoo Meadows, a large scenic meadow with an airplane flying field, large picnic shelter, and canoe landing on the Little Calumet River. The meadow also has a one-mile paved walking path, a wet prairie and savanna.

In addition to its 100% occupancy rate, the property has been immaculately maintained, and held by the same owner for over 15 years. The buyer will benefit from the high demand for exclusively senior living across the southwest suburbs.