Essex Realty Group Closes Sale of $17M Parkside Apartments in Glen Ellyn
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of Parkside Apartments, a 120-unit multifamily property located in Glen Ellyn, Illinois, one of Chicago’s most desirable western suburban rental markets. Constructed in 1963, the property represents an institutional-scale investment in the highly sought-after DuPage County rental market.
Essex Realty Group Principal Brian Karmowski and Director Anthony Citriglia represented both the seller, Iman Jalali of Bear Peak Capital, and the buyer, Revir Capital, led by Rushi and Prachi Shah, in the transaction.
Transaction Summary
| Sale Price | $17,000,000 |
|---|---|
| Property | Parkside Apartments |
| Neighborhood | Glen Ellyn, Illinois |
| Property Type | Multifamily |
| Unit Count | 120 units |
| Representation | Seller and buyer representation by Essex Realty Group |
| Transaction Team |
Brian Karmowski, Principal
Anthony Citriglia, Director
|
Parkside Apartments Property Overview
Constructed in 1963, Parkside Apartments consists of 120 units totaling approximately 104,640 square feet. The property features 88 one-bedroom, one-bathroom apartments and 32 two-bedroom, one-bathroom apartments.
Strong occupancy and tenant demand supported the property’s investment appeal. In-place rents remained approximately 10% below market, creating an opportunity for rental growth through natural tenant turnover.
Value-Add Investment Opportunity
Parkside Apartments generated more than $100,000 annually in ancillary income from laundry, pet fees, administrative fees, and reimbursements. The property also offered the potential to capture more than $150,000 in additional annual rental income upon stabilization.
The combination of below-market rents, established tenant demand, and ancillary income opportunities provided a clear path for future revenue growth.
Broker Representation
Essex Realty Group Principal Brian Karmowski and Director Anthony Citriglia represented both parties in the $17 million sale. The seller was Iman Jalali of Bear Peak Capital, and the buyer was Revir Capital, led by Rushi and Prachi Shah.
Quote from Brian Karmowski
“The sale of Parkside Apartments highlights the continued strength of investor demand for well-located suburban multifamily assets in DuPage County. Glen Ellyn’s strong demographics, durable renter base, and clear path to rent growth made this an attractive long-term investment. Congratulations to all parties involved,” said Principal Brian Karmowski.
Glen Ellyn Multifamily Market
Located in Glen Ellyn, Illinois, Parkside Apartments benefits from the community’s strong demographics, excellent schools, and proximity to major employment corridors. Convenient access to regional transportation routes connects residents to Downtown Chicago and surrounding suburban job centers.
These location advantages support continued demand for rental housing throughout Glen Ellyn and Chicago’s western suburbs.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs. Read Full Article at Connect CRE