Essex Team Lists 138-Unit, 10-Property Portfolio in Southwest Cook County Suburb of Matteson
CHICAGO, ILLINOIS – Essex Realty Group, Inc. President Doug Imber, Principal Kate Varde, and Directors Derek Kaptanoglu & Brian Karmowski have been engaged to sell a 138-unit apartment portfolio located in Chicago’s southwest suburb of Matteson.
The properties in the portfolio are all located within a half of mile of one another and are within proximity to Interstate 57 and major employers like Amazon and Governors State University. In addition, all of the buildings are surrounded by attractive landscaping and green spaces, offering tenants an expansive outdoor space. Other amenities include shared laundry and 1:1+ parking ratio.
“Matteson is largely a home-owner suburb, so this is a rare opportunity to purchase such a large percentage of a single city’s rental housing stock,” said Kaptanoglu.
The portfolio is being offered for sale for a price of $13,000,000, which reflects a capitalization rate of 6.4% and a gross rent multiplier of 6.8. Varde added that, “In addition to already compelling metrics, the rents have significant head room. For example, the two-bedroom units average $1,118 in monthly rent while similar competing units consistently achieve $1,300 or more.”