Essex Realty Group, Inc. has been exclusively engaged to market for sale the Knox & Kilpatrick Portfolio, a 96-unit apartment portfolio located in Oak Forest. The Portfolio consists of six neighboring buildings featuring 48 studios and 48 one-bedroom units. Current ownership has completed interior renovations on 25 units and exterior improvements, including a new surface parking lot and balcony renovations in 2024.
As noted in the enclosed rental survey, current rents are 10%-15% below market, providing immediate rental growth potential with minimal additional work required. This portfolio presents investors with a rare opportunity to acquire scale in a growing suburban market, supported by a strong, stabilized income stream.
The Knox & Kilpatrick Portfolio is ideally located less than one mile from the Oak Forest Rock Island District (RI) Metra station, one block from IL-50, and 2.4 miles from I-57, offering easy access to Chicago and surrounding suburbs.
ASSUMABLE DEBT AVAILABLE
Current Balance = $4,993,872
Current Interest Rate = 4.40% Fixed Until August 1, 2027
Maturity Date = August 1, 2042
Oak Forest is a community located roughly 24 miles southwest of downtown Chicago, making it a convenient suburb for commuters. The city, incorporated in 1947, has grown into a vibrant area with access to major highways like I-57 and I-80, as well as the Metra Rock Island District line, which offers a direct route to downtown Chicago. Known for its suburban feel and ample green spaces, Oak Forest is surrounded by Cook County Forest Preserves, providing residents with outdoor recreational activities. The city also has a range of local shops, dining options, and services that contribute to its appeal for families and professionals alike.
Oak Forest is proud of its strong park system and reputable schools. The Oak Forest Park District maintains several parks, including Don Burns and El Morro Parks, where residents can enjoy playgrounds, sports fields, and walking paths. The city also offers recreational programs for all ages. The school system is comprised of multiple elementary and high schools, including Arbor Park School District 145 and Bremen High School, which offers a variety of academic and extracurricular activities for students. Additionally, local higher education institutions, such as Moraine Valley Community College, provide further educational opportunities for the community.
- 6.85% Current Cap Rate & 7.92 GRM
- Strong Suburban Location - .7 Miles to Oak Forest Metra and One Fifty Seven Development
- Significant Rental Upside – Current Rents 10%-15% Below Market “As-Is”
- Recent Capital Improvements – Including New Surface Parking Lot and Balcony Renovations (2024)
- Assumable Debt Available – $4,993,872 Balance with a 4.40% Fixed Interest Rate Until August 1, 2027