Essex Realty Group, Inc. is pleased to announce the closing of a 105-unit apartment portfolio located in the near west suburb of Melrose Park, approximately 13 miles from Downtown Chicago. The Portfolio had been owned and operated by the same family since 1997 and was consistently well-managed and meticulously maintained. Notable improvements included newly seal-coated parking areas, new hot water heaters in select buildings, reinforced porches with new support beams, and recently replaced roofs and siding completed within the last 5–10 years.
The Portfolio consisted of seven neighboring buildings on 17th and 18th Avenues with a unit mix of studios, one-bedroom, and two-bedroom apartments. This rarely available opportunity provided the buyer with immediate scale through a stable, well-kept suburban portfolio.
Located approximately 13 miles west of Chicago, Melrose Park encompasses just over four square miles and is bordered by Maywood to the south, River Forest to the west, and River Grove to the north. The Subject Properties are situated approximately seven miles south of O’Hare International Airport and provide convenient access to Interstate 294 and Interstate 290. Additionally, the new Amazon distribution center located at the old Maywood Park racetrack at 8600 W. North Avenue is just 1.0 mile away from the Subject Properties. The three-building distribution center totals approximately 623,000 square feet and is Amazon’s largest near Chicago.
Other major employers within close proximity are Gottlieb Memorial Hospital and Triton College, both located within one mile (3-4 minute drive). With a host of nearby national retailers, residents have their choice of a multitude of convenient options. Starbucks, Costco, Target, and many others are all located within minutes of the Subject Properties. For easy access to downtown Chicago and the western suburbs, residents can take the Metra UP-W line located just 1.4 miles away.
- Rarely Available Seven-Building Portfolio
- (20) Studios, (79) One-Bedrooms and (6) Two-Bedrooms
- Significant As-Is Rental Upside - 20%+
- Meticulously Maintained, Same Owner Since 1997
- Long-Term Tenants - Average Tenure 8 Years