Essex Realty Group, LLC is pleased to announce the successful sale of 315–319 N Princeton Avenue, a 20-unit apartment portfolio consisting of two adjacent 10-unit buildings in Villa Park, Illinois. The portfolio features a strong unit mix of 20 2Bd/1Ba apartments totaling 6,600 NRSF across both buildings. Previous ownership had completed meaningful recent capital improvements, including new balconies, 2022–2023 tuckpointing, a 2022 full tear-off roof at 319, an updated boiler, ongoing window and sliding door replacements, and several renovated units. These improvements enhanced long-term durability and reduce near-term CapEx exposure, a key factor that attracted strong buyer interest in the portfolio’s stability and low-maintenance profile.
The portfolio offers strong in-place income with meaningful upside through achievable rent growth. At stabilization, the property is expected to support a stabilized 7.25% cap rate, achievable through measured rent adjustments and continued efficient management.
Backed by a suburban location in DuPage County with strong household incomes, rising home values, and sustained rental demand, the property presented a compelling opportunity to acquire a stabilized, low-maintenance asset with significant and clearly defined value-add potential. Essex Realty Group’s comprehensive marketing platform generated significant buyer interest, resulting in multiple tours and offers for the property.
Villa Park is a well-established residential community located in DuPage County, approximately 18 miles west of downtown Chicago. The village benefits from excellent regional access via Interstate 290, Interstate 355, and Illinois Route 83, providing convenient connectivity throughout the Chicagoland area. The Villa Park Metra station offers direct commuter rail service to Chicago’s Ogilvie Transportation Center via the Union Pacific West Line, making the community attractive to professionals working in the city.
The area offers convenient proximity to Oakbrook Center, the second-largest shopping center in the Chicago metropolitan area, featuring over 170 retailers including Nordstrom, Neiman Marcus, and Macy’s, along with numerous dining options. DuPage County serves as the primary location for the Illinois Technology and Research Corridor and is home to major employers including McAfee, Clayco, and Commonwealth Edison, as well as regional healthcare providers such as Edward-Elmhurst Health. Villa Park’s demographic profile reflects a stable, affluent renter base. Within a one-mile radius, average household income exceeds $117,000, and the median age of 40 indicates an established workforce population. The submarket benefits from DuPage County’s ranking as the healthiest county in Illinois and its recognition as a top county for business growth.
- Multiple Tours & Offers
- 20 Identical Two-Bedroom Units: Uniform 2Bd/1Ba Mix Supports Leasing Stability and Consistent Demand
- Significant Rent Upside: Current Rents Average $1,125 vs. Market $1,450, Creating $325/unit (~29%) Upside
- Strong Suburban Fundamentals: Located in Villa Park with Solid Household Incomes and Rising Home Values, Supporting Durable Long-Term Rent Growth.