REJournals | Illinois Multifamily
Essex hired to sell multifamily assets in Chicago area
February 12, 2021

Essex Realty Group, Inc. has been exclusively retained to market The Promenade Townhomes of River Forest, located in the Chicago suburb of River Forest, Illinois. Separately, Essex has been awarded the listing for a five-unit multifamily property located at 1010 N. Wood Street in Chicago’s Ukrainian Village neighborhood.

The Promenade Townhomes of River Forest consists of 12 of the 29 townhome units within the complex. Originally built in 2017, the units offer tenants high-end, spacious units with condo-quality finishes, large open floorplans, in-unit laundry and an attached two-car garage. All units are three levels and feature three-bedroom/2.5-bathroom layouts. The townhomes are separately pinned and there is an HOA in place for common area expenses, snow removal and landscaping services.

“These luxury townhomes present an investor with a unique opportunity to acquire bulk ownership interest in a low-maintenance, new construction complex,” said Essex director and listing broker Matt Feo. “Plus, because rental demand continues to increase in quality suburban locations, rents in this property have seen increases as high as 7 percent on recent renewals and occupancy remains strong at 100 percent.”

The property is located less than one half mile from the River Forest Metra station and from the Forest Park Blue Line CTA Station.

The Wood Street property, listed at $2,000,000, features a front three-flat and a two-unit rear coach house. The front building consists of two two-bedroom/one-bathroom units, and one four-bedroom/three-bathroom duplex-up penthouse unit. The rear coach house features one two-bedroom/two-bathroom duplex-down unit and one two-bedroom/two-bathroom duplex-up unit with private rooftop deck access.

Each unit features condo-quality finishes, granite countertops, in-unit laundry, keyless entry, built-in microwave and dishwasher. Some units also feature exposed brick and views of Chicago’s skyline. Recent capital improvements include a new roof on the front building, new skylights in unit 2R and new heat-sealed rubber coat and trex decking on the rear porch. There is a heated two-car garage in the rear.

“1010 N. Wood Street is an especially ideal investment for a live-in owner as three of the five apartments are spacious duplex units,” said Essex director and listing broker Abe Eilian.

The property is situated in a premier pocket of East Ukrainian Village just a couple blocks south of Chicago’s popular Division Street commercial corridor and one-half mile from the Division Street Blue line CTA Station.

Since 1990, Essex Realty Group, Inc. has served Chicago's investment real estate market as a top multifamily real estate brokerage firm. Contact us to learn more about our recent Chicagoland multifamily and mixed-use property sales and talk to a Chicago multifamily broker today.

Read Full Article at REJournals | Illinois Multifamily
Tagged in this post: Abe Eilian, Matt Feo, Jonathan Weissman