Essex Realty Group, Inc. is pleased to announce the sale of 66 condominium units within the Tatra Condominium complex located at 10520-10640 Brooks Lane in Chicago Ridge, IL. Tatra is a 144-unit property consisting of 7 individual buildings situated on 4.46 acres.
The 66 units represent approximately 43% of the HOA for Tatra Condominiums. The offering presented the investor with the opportunity to gain a near majority position in the HOA as well as add value through raising rents to market rates.
Essex Realty Group, Inc. has been exclusively engaged to market for sale 66 condominium units within the Tatra Condominium complex. Tatra is a 144-unit property consisting of 7 individual buildings situated on 4.46 acres. It is located at 10520-10640 Brooks Lane in Chicago Ridge, IL. The property is in close proximity to the Chicago Ridge and Worth Metra stations, as well as I-294, which provides easy access to surrounding suburbs.
The offering consists of (44) 1Bd/1Ba and (22) 2Bd/1Ba units that are currently owned and operated by the original developer. The property was gut-renovated in 2007 and outfitted with all new building systems including all new tear-off roofs, copper plumbing, electric wiring, vinyl windows, fire protection systems, intercom systems and secured entry doors.
Tatra Condominiums provides the opportunity to acquire a near-majority position in a highly undervalued, recently renovated condominium complex. With little deferred maintenance as a result of the recent renovation, an investor has the opportunity to create substantial value by raising rents to market rates and deconverting the complex back to a rental apartment community.
All units feature upgraded oak cabinetry, Formica/granite counters, stainless/white appliances, and in-unit laundry. Rental comparables in the surrounding area support an increase of 10%-15%, as the current rental amounts in the offering are significantly under market.
- Property gut-renovated in 2007 with all new electrical, plumbing, windows, and roofs
- All units feature updated apartment grade finishes as a result of 2007 renovation
- Units are a part of a 144 unit condominium complex, representing 43% of the association
- (44) 1Bd/1Ba units & (22) 2Bd/1Ba units
- In-unit laundry, tenant pays electric & heat
- Ability to raise rents up to 10%-15% in as-is condition