Essex Realty Group, LLC is pleased to announce the sale of 329 & 331 N. Ardmore Avenue, two adjacent 8-unit apartment buildings located in the western suburb of Villa Park, Illinois.
The properties consist of sixteen (16) one-bedroom/one-bathroom units across two buildings, both featuring electric baseboard heat and numerous recent capital improvements. Updates include four fully renovated units, one significantly upgraded unit in 2024, ten new water heaters, and a repaved and resealed parking lot.
The properties generated 20 tours during marketing and sold over list price, underscoring the strong demand for well-located suburban multifamily assets. Renovated units are achieving nearly 18% higher rents than non-renovated units, with projections showing more than 20% NOI growth potential through full renovations. Even without further improvements, adjusting rents to market levels could increase revenue by nearly 10%.
Villa Park, IL, is located approximately 20 miles west of Chicago and is a vibrant village in DuPage County. Known for its active downtown, natural attractions, community events, and diverse employer base, Villa Park is a sought-after destination for both residents and professionals. The village also boasts highly-ranked schools, contributing to its reputation as a great place to live. Villa Park is recognized for its quality of life and has received accolades for being a welcoming and family-friendly community. It offers convenient access to major transportation routes, making it an attractive location in the Chicago suburbs.
Villa Park provides residents with a variety of shopping options, like Starbucks, Costco, Whole Foods, and others, all located within a short distance from the Subject Property. For those who require efficient transportation to downtown Chicago and the western suburbs, the Metra UP-W line is conveniently situated steps away from the Subject Property. O’Hare International Airport is less than a 30-minute drive away, offering easy access to national and international travel. Additionally, Villa Park is home to the Cricket Creek Forest Preserve, a peaceful sanctuary with walking trails and scenic picnic spots. The Subject Property is also located near the Illinois Prairie Path, a popular multi-use trail that runs through the heart of Villa Park.
- Closed Over List Price
- 20 Tours and Multiple Offers
- Well-Maintained Asset: Recent Capital Improvements Including Unit Renovations, New Water Heaters, and Parking Lot Resealing
- Proven Value-Add Potential: Nearly 18% Higher Rents in Renovated Units; Over 20% Projected NOI Growth with Full Renovations
- Recent Upgrades: Four Fully Renovated Units, One Upgraded Unit, Ten New Water Heaters, and Parking Lot Repaved in 2020