Essex Realty Group Brokers the Sale of Two Suburban Apartment Buildings Totaling $4.9 Million
Essex Realty Group, Inc., a leading Chicago mid-market brokerage firm, is pleased to announce the sale of two suburban apartment buildings at 4735-4749 W. 101st Street in Oak Lawn and 705 W. Park Avenue in Libertyville.
A local Chicagoland investor purchased 4735-4749 W. 101st Street in Oak Lawn for $2,450,000 to add to their existing suburban portfolio. The 32-unit apartment complex presented the investor with a value-add opportunity to increase rents through cosmetic updates to the apartments. After less than 30 days of marketing, Essex Realty Group generated 20 property tours and procured multiple offers, including several over the original asking price. Essex Brokers Brian Kochendorfer and Derek Kaptanoglu represented the seller, while Essex Principal Steven Livaditis represented the buyer.
“The buyer, who currently owns in multiple markets, felt that the stability of the Oak Lawn rental market, coupled with a price per unit near $75k/unit, created an excellent yield opportunity not ordinarily found within the Chicago city limits,” said Livaditis.
705 W. Park Avenue in Libertyville is another example of the continued demand for suburban properties. The property features 20 units and closed for $2,450,000 in an off-market transaction. At $122,500 per unit, the transaction represents the highest price per unit for a Libertyville vintage building in the last 24 months.
“The sellers of 705 W. Park Avenue were in the process of winding down their portfolio and wanted to take advantage of the strong demand for high-quality suburban assets,” said Essex Director Brian Karmowski, who represented the sellers in this transaction.
The buyer of 705 W. Park Avenue, a private investor, was drawn to the deal due to its location and proximity to other properties within his portfolio. Essex Principals Doug Imber and Kate Varde and Essex Director Clay Maxfield represented the buyer.