Essex Realty Group, LLC is pleased to announce the sale of Lakeside Village Apartments, a 155-unit garden-style apartment community located at 313 South Hickory Street in Mundelein, Illinois. Built in 1978 and comprising approximately 110,640 rentable square feet across multiple low-rise residential buildings, the property offered a diversified mix of studio, one-bedroom, and two-bedroom homes in one of Lake County’s most supply-constrained rental submarkets.

The community drew strong buyer interest for its stable, fully occupied rental base and its established three-tier interior renovation program, which had already delivered demonstrated rent premiums on upgraded units. In-place rents that sat below prevailing market levels, combined with the limited supply of competing multifamily product in Mundelein, positioned Lakeside Village as an attractive vehicle for investors seeking scale and durable cash flow in the north suburban Chicago market.

Essex Realty Group marketed the property to its extensive network of private and institutional multifamily investors, generating multiple property tours and competing offers before securing a qualified private investor and guiding the transaction to a successful close. The sale reflects Essex’s continued leadership in Chicago-area multifamily investment sales and the depth of its buyer platform.

.

• Rarely Available 155-Unit Apartment Community on 8.3 Acres Along Diamond Lake
• Diverse Unit Mix: 62% One-Bedroom, 22% Two-Bedroom, 16% Studio
• Proven Value-Add Program: 89 Units (57%) Fully Renovated, 66 Units Remaining for Upside
• Renovated Units Achieving $100 to $150 Monthly Premiums Over Classic Units
• Positioned along the Metra Milwaukee District North corridor for commuter access to downtown Chicago