Essex Realty Group, Inc. is pleased to announce the sale of Fairview Station Flats, a luxury new construction apartment property located in coveted Downers Grove. Situated at 5117 Fairview Avenue, the Subject Property is conveniently located steps from the Fairview Ave Metra Station, one mile east of downtown Downers Grove and one mile west of downtown Westmont.
The eighteen (18) unit property consists entirely of large two-bedroom units ranging in size from 995 SF to 1,287 SF. The spacious apartments feature high-end finishes throughout such as quartz countertops, custom soft-close cabinetry, stainless steel appliances, and custom backsplashes. In addition, all units include in-unit laundry, large eat-in kitchens, dedicated outdoor space and assigned parking.
Completed in the fall of 2022, Fairview Station currently achieves rental rates of $2.10/SF – $2.47/SF. Additional income is also derived from a RUBS system, parking (garage and surface), pet fees, and storage lockers.
Fairview Station provided the rare opportunity to acquire a new construction, luxury asset in highly desirable DuPage County. The Property is fully stabilized with strong in-place cash flow. Given the strength of the current apartment market, rental increases may be experienced for all apartment units, further improving investor returns.
Downers Grove is located just 25 miles west of Chicago and is one of the most vibrant and thriving villages in DuPage County. Known for its active downtown, natural attractions, community events, and large employer base, Downers Grove is one the premier Chicago suburbs in which to live and work. One of the suburb’s many appealing characteristics include its highly ranked schools. According to Livability.com, Downers Grove is one of the Top 10 Livable Cities for kids and has been recognized by Forbes as one of America’s Friendliest Towns.
Serviced by numerous expressways and commuter rail stations, residents of Downers Grove have direct and convenient access to Chicago as well as neighboring villages of Naperville, Westmont, Lisle, and Hinsdale. In addition, several corporate and regional headquarters are located in Downers Grove including Advocate Aurora Health Care, Dover Corporation, and Pepperidge Farm. These companies employ thousands of local residents and support the suburb’s robust economic base.
- Record $/Unit for Downers Grove - $433,333/unit
- 6.0% Cap Rate with Tax Adjustment
- Unit Mix: Fourteen (14) 2Bd/2Ba & Four (4) 2Bd/1Ba Units
- Steps to Metra, Close Proximity to Downtown Downers Grove & Westmont
- High-End Finishes Throughout