Essex Realty Group, Inc. is pleased to announce the sale of Forest View Apartments, a 56-unit multifamily property located at 2900 Lincoln Avenue in North Riverside, a suburb 12 miles west of Chicago.
The property was sold for the original developer’s family and as such was the first transaction in the history of this multi-family property. When constructed, the developer intended to sell the property as individual condos but instead decided to rent. This being the case, the average unit size is nearly 1,200SF, significantly larger than a standard apartment unit.
The unit mix is comprised of (2) studios, (13) one bedroom, (34) 2 bedroom and (7) 3 bedroom units.
The purchase price reflected a cap rate of 4.5%, and a GRM of 8.7. Brian Karmowski and Brian Kochendorfer represented both the buyer and seller.
The property is located across the street from the McCormick Woods, a nature preserve expanding across 43 acres. The preserve includes lush landscaping, paved walking and bike trails, and a vast stretch of the Des Plaines River, offering tenants a quiet greenspace just steps away. Tenants can also enjoy the Brookfield Zoo, located within walking distance of the property, and access to several public transportation outlets, schools, and a public library.
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- 56-Unit Garden-Style Apartment Building
- First Transaction in Building's History
- Sold at a CAP Rate of 4.5% and GRM of 8.7
- Desirable Unit Mix: (2) Studios, (13) One-Bedroom, (34) Two-Bedroom and (7) Three-Bedroom Units
- Located Across From McCormick Woods, a 43-Acre Nature Preserve