ON MARKET – MULTI-FAMILY
The Promenade Townhomes of River Forest River Forest, IL
PRICE
$6,179,000
NUMBER OF UNITS
12
CAP RATE
6.33%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale The Promenade Townhomes of River Forest, twelve (12) new construction townhome units within the 29-unit townhome community in the affluent suburb of River Forest, IL. Completed in 2017, each three-story unit consists of massive 3 Bd/3.5 Ba layouts and features modern high-end finishes, an open floor plan, in-unit laundry, private decks and patio space. Additionally, each unit has an attached two-car garage for a total of twenty-four heated garage parking spaces.

The offering presents investors with the opportunity to acquire a bulk ownership interest of low-maintenance, new construction townhomes in a phenomenal suburban location. Each townhome has a separate pin and currently participates in an HOA that covers common area expenses such as insurance of common elements (roof), snow removal and landscaping services and the water for the sprinkling system making for a turn-key, hands-off management experience.

As rental demand increases in quality suburban locations, rents in this property have seen increases as high as 7% on recent renewals. The property is also conveniently located less than 0.5 miles from River Forest Train Station and Forest Park Subway Station, providing residents with seamless accessibility to Chicago and the surrounding suburbs. Lastly, the property is within walking distance to many of the area's celebrated shops, restaurants and groceries.

LOCATION DETAILS

River Forest, Illinois, a desirable suburb of Chicago, is located 10 miles west of Chicago’s Central Business District. Bordered by Des Plaines River to the west, Elmwood Park to the north, Oak Park to the east, and Forest Park to the South. Chicago and the surrounding suburbs are easily accessible via the River Forest Metra Station and Forest Park Subway Station.

Ranked consistently as one of the best Chicago suburbs to live in, River Forest has bustling restaurants, transportation systems, beautiful parks, and access to a robust downtown area. River Forest has a diverse population that includes community-minded families and features an abundance of shopping centers, cultural institutions and outdoor activities.

HIGHLIGHTS
  • Affluent Suburb of River Forest
  • Twelve (12) New Construction Townhomes
  • Townhomes Feature Modern High-End Finishes, Open Floor plans, In-Unit Laundry and Attached 2-Car Garage
  • Low-Maintenance Investment Opportunity
  • Rental Upside W/ 7% Increases on Recent Renewals
  • Conveniently Located Steps from Public Transportation, Green Space, Retail & Restaurant Options
LISTING BROKER
Matt Feo
Director
224.305.4102