ON MARKET – MULTI-FAMILY
2230 Breezewood Terrace Hanover Park, IL 60133
PRICE
$22,600,000
NUMBER OF UNITS
220
CAP RATE
6.09%
PROPERTY LISTED

Essex Realty Group, Inc. is proud to exclusively offer for sale the 220-unit Pebblewood Court Apartments and Condominiums located in Hanover Park, Illinois (The “Property”). The Property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The Property is comprised of the 80-unit Pebblewood Court Apartments, which includes buildings 8 through 11 on the enclosed Site Plan. In addition, the Property consists of the 140-unit Pebblewood Court Condominiums, which includes buildings 1 through 7 as denoted on the Site Plan (page 7). Sixty-six (66) of the condominiums are owned in bulk by the same controlling entity that owns the eighty (80) apartments.

LOCATION DETAILS

Essex Realty Group, Inc. has entered into exclusive representation agreements with thirty-four other Pebblewood Court Condominium unit owners, bringing the total of listed condominiums to 100 units, equating to 70.65% of the homeowners’ association. Furthermore, approximately 10% of the remaining unit ownership has indicated their desire to participate in a bulk sale, increasing the total to significantly above the 75% statutory requirement for deconversion. Additionally, of the 140 condominium units, 129 units (92%) are renter-occupied.

PLEASE NOTE, ALL OFFERS WILL BE SUBJECT TO A VOTE BY THE HOA MEMBERS.

The Property features 11 two-story walk-up style buildings, a swimming pool, and 330 parking spaces over 10 acres of land.

HIGHLIGHTS
  • 220-unit garden style complex comprised of 80-unit Pebblewood Court Apartments and 140-unit Pebblewood Court Condominiums
  • Property features 11 two-story walk-up style buildings, a swimming pool, and 330 parking spaces
  • Unit Mix: (93) 1Bd/1Ba, (28) 2Bd/1Ba, (99) 2Bd/1.5-2Ba units
  • Sixty-six (66) of the condominiums are owned in bulk by the same controlling entity that owns the eighty (80) apartments
  • Thirty-four (34) additional condominium owners have entered into an exclusive listing agreement, bringing the total of listed condominiums to 100 units, equating to 70.65% of the homeowners’ association.
  • PLEASE NOTE, ALL OFFERS WILL BE SUBJECT TO A VOTE BY THE HOA MEMBERS.
LISTING BROKERS
Doug Imber
President
773.305.4902
Doug Fisher
Principal
773.305.4910
Kate Varde
Principal
773.305.4908