UNDER CONTRACT – MULTI-FAMILY
4209 W 115th Street Alsip, IL 60803
PRICE
Call for details
NUMBER OF UNITS
144
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale Crestline Villa Apartments, a 144-unit garden-style apartment complex located in the southwest Cook County suburb of Alsip, IL. Crestline Villa sits on nearly six (6) acres and consists of twelve (12), twelve (12)-unit buildings, all positioned around a communal grassy courtyard. The complex is also comprised of approximately 300 parking spaces (2:1 ratio) and an adjacent parcel containing a dog park. Each twelve (12)-unit building consists of four (4) 1Bd/1Ba units, and eight (8) 2Bd/1Ba units, for a total of:

- (48) 1Bd/1Ba units - 765 SF
- (96) 2Bd/1Ba units - 865 SF 

Crestline Villa Apartments presents the opportunity for an investor to acquire a high-performing asset with strong in-place cash flow and many recent capital improvements including new roofs and siding on all twelve (12) buildings within the past year. Furthermore, forty (40) units were recently remodeled with modern finishes including laminate wood flooring, granite countertops, new cabinetry, ceramic tile, and stainless-steel appliances. An additional fifteen (15) units have received partial rehabs that include new flooring, trim, paint, and fixtures.

Per the enclosed rental analysis, remodeled units are achieving rents $250-$400/month higher than non-rehabbed units. For example, the average rent for a 2Bd/1Ba non-rehabbed unit is $1,214 whereas remodeled units have recently achieved $1,595/month – an increase of 31%.

A new owner will have the unique opportunity to continue the current business plan and achieve similar rent increases on the remaining non-rehabbed units.

Located approximately 20 miles southwest of Chicago, the Subject Property sits in a quiet residential pocket surrounded by major employers, educational institutions, and public parks. Nearby high traffic Route 50 and S. Pulaski Rd. host a plethora of national retail options all within minutes of the Property. In addition, the location provides easy access to interstate I-294 and several Metra stations in neighboring Blue Island and Chicago Ridge.

LOCATION DETAILS

Alsip is located 16 miles southwest of the Chicago Loop. Bordered by the villages of Worth and Palos Heights to the west, Chicago Ridge, Oak Lawn and Evergreen Park to the north, Crestwood to the south, and Mt Greenwood and Blue Island to the east; Alsip's population is part of a large suburban fabric whose growth has been closely tied to that of its neighbors.

The surrounding area of the Subject Property is primarily residential, but within half a mile west lies South Pulaski Road where an abundance of restaurants and retail shops can be found. Nearby high-traffic Route 50 (S Cicero Ave) also hosts dozens of national retail options. The Property is conveniently located directly across from Marist High School, a private institution recognized for its prestigious academics and athletics. Within minutes, the PACE bus stop can be found providing direct transit to nearby Metra train stations. Additionally, Midway International Airport is located eight miles directly north of the Property via South Cicero Ave while Downtown Chicago can be easily accessed via I-294 N and I-57 N expressways.

HIGHLIGHTS
  • Strong Performing Asset - Current Cap Rate: 6.09%
  • High Occupancy - 99% Leased
  • Value-Add Opportunity – 25-33% Rental Increases on Remodeled Units
  • Several Recent Capital Expenditures – Over $1.5M Spent in Last Two Years
  • Desirable Unit Mix: (96) 2Bd/1Ba & (48) 1Bd/1Ba Units
  • Attractive Six (6) Acre Site with Ample Greenspace
LISTING BROKERS
Brian Karmowski
Managing Director
773.305.4892
Brian Kochendorfer
Managing Broker
773.305.4870