Essex Realty Group, Inc. is pleased to announce the sale of 7900-7920 N. Caldwell Ave., a 60-unit apartment community located in the North Chicago suburb of Niles, IL. The three (3) buildings are positioned around a communal grass courtyard with paved walkways leading to each building and seventy (70) exterior parking spaces surrounding the perimeter of the property. The buildings are comprised of eight (8) studio units, forty-one (41) 1 Bd/1 Ba units and eleven (11) 2 Bd/1 Ba units. Recently, forty-seven (47) of the sixty (60) units were rehabbed and feature laminate floors, black appliances, laminate countertops, dishwashers and wall-mounted air conditioning sleeves in the living rooms.
7900-7920 N. Caldwell Ave. was an extremely well-located property and presented an investor with multiple investment strategies. With forty-eight (48) of the sixty (60) units already renovated, there was a great opportunity to leverage the income from the renovated units while working a value-add strategy on the others. In addition, the communal grass courtyard presented an opportunity to brand the community and potentially build an amenity space. Demand for value-add product, especially with the unit density in this offering, is why buyers gravitated towards this investment opportunity.
The Village of Niles is located in Cook County, IL, approximately twelve (12) miles northwest of Chicago’s Central Business District. Niles is home to approximately 30,000 residents and provides community members with an abundance of retail, restaurant and green space options. Surrounded by the Kennedy and Edens Expressways, Niles’ central location provides seamless access to downtown Chicago, surrounding suburbs (i.e. Schaumburg, Evanston, etc.), and O’Hare International Airport. The Village is home to the Golf Mill Shopping Center, a super-regional mall that contains retail and office space. Niles Leaning Tower YMCA is famous for its half-sized replica of the world-famous Leaning Tower of Pisa and offers entertainment for the greater Niles community. In addition, residents enjoy access to the Village’s 24 public parks which span across 92 acres of protected land.
7900-7920 N. Caldwell Ave.
- Apartment Community in Highly Sought-After Niles Suburb
- Partially Rehabbed w/ Opportunity to Update Remaining Units to Increase Cash Flow
- Great for Value-Add Investors to Achieve Immediate Scale in Desirable Suburb
- Large Grass Courtyard to Accommodate Future Community Amenity
- 1 Mile from Niles West High School & 3 Miles to CTA Skokie Swift Station (Yellow Line)
- Situated Adjacent to Multiple Forest Preserves and The Chicago River