Essex Realty Group, Inc. is pleased to announce the sale of Pebblewood Court Apartments (‘the Property’) located at 2230 Breezewood Court in Hanover Park, Illinois. After conducting an extensive marketing campaign resulting in 16 property tours and 8 offers, the property was placed under contract after approximately five weeks on the market and closed in late December.
This is the third time Essex has been involved in a sale of the property. Essex previously facilitated the sale in 2013 after a minority of the units were sold as condominiums. In 2019, Essex assisted in the repurchase and deconversion of the previously sold condominiums.
The Property features eleven (11) two-story, walk-up style buildings, a leasing and management office, swimming pool, maintenance building and garage, workshop space, and 330 parking spaces over ten acres of land. Each building is comprised of twenty (20) apartments, a boiler, a hot water tank, storage lockers, and a card-operated laundry room. Units feature vinyl wood and carpet flooring, white appliances, wood cabinetry, laminate countertops, radiant baseboard heat, and through-wall air conditioning units. Select units feature updated finishes including stainless steel appliances, granite countertops, and updated bath fixtures and vanities.
The Property has continued to perform well throughout the pandemic. Since March, occupancy at the Property has remained between 96% and 99%. In addition, current ownership has maintained strong collections and leasing activity that has resulted in increased rents on new leases.
The Village of Hanover Park is located thirty miles northwest of Chicago’s Central Business District in Cook County. The community encompasses six square miles and maintains 128 acres of park space. Located 45 minutes from downtown Chicago via the Metra West Line and seventeen miles west of O’Hare International Airport, the community appeals to suburban and city commuters alike. This is demonstrated by the rapid growth in commuters using the Hanover Park station, one of the fastest growing stations of any West Line stop. In addition, Hanover Park is home to the youngest residents of any Chicago northwest suburb with a median resident age of 33.9.
Pebblewood Court Apartments is conveniently situated 6.98 miles west of the I-355/Route 53 commercial corridor and 10.25 miles from the soon to be completed $3.4 billion Elgin O’Hare Western Access Project. In addition, the Property is located 0.15 miles from Ontarioville Elementary School within Keeneyville School District 20 and just 1.15 miles south of the popular Barrington Road retail shopping district.
- Essex generated 16 property tours and 8 offers; Please call for sale price
- 220-unit suburban apartment complex in Hanover Park, approximately 4.70 miles southwest of Schaumburg, IL
- 0.65 miles west of the Hanover Park MD-W Metra Station providing service throughout Chicagoland
- Unit mix: (94) 1Bd/1Ba, (27) 2Bd/1Ba, (88) 2Bd/1.5Ba, (11) 2Bd/2Ba, and a 330-car parking lot
- Average monthly rents are approximately $50/unit/month below high-end achieving rents for each unit type
- Over $435,000 invested in capital improvement since August 2019