Essex Sells $10.4M Arlington Heights Apartment Property

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of Dryden Apartments, a 100-unit multifamily complex located in the Cook County suburb of Arlington Heights, IL. The complex is comprised of four adjacent 24-unit apartment buildings, one 5,881 SF office building comprised of four units, and 106 surface parking spaces. Dryden Apartments is located at 1-21 N. Dryden Place and 15 S. Dryden Place, just one mile east from downtown Arlington Heights.

Brian Karmowski, managing director and head of the suburban multifamily brokerage team at Essex, was hired by the seller to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in 30+ property tours and 15 offers. The property sold for $400,000 over the list price to a local investor for $10,400,000. Karmowski also represented the buyer.

Karmowski believes investors were attracted to both the deal size and property location, he adds, “Dryden Apartments checked a lot of boxes for investors – 100+ units, value-add opportunity, desirable location – which coupled with our marketing efforts, created considerable interest in the asset”

Dryden Apartments is comprised of an equal mix of one- and two-bedroom apartment floorplans. The property offers a new owner multiple value-add opportunities including making updates to the interiors and increasing operational efficiencies. With the demand for housing in this location, a new owner can achieve future upside.