Essex Realty Group Arranges Sale of 34-Unit Multifamily Property in Stone Park
CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC is pleased to announce the sale of 1722 Mannheim Road, a 34-unit multifamily property located in Stone Park, Illinois.
Transaction Summary
- Transaction Type: Stone Park Apartment Building Sale
- Address: 1722 Mannheim Road, Stone Park, Illinois
- Submarket: Stone Park / West Suburbs
- Property Type: Multifamily Apartment Building
- Unit Count: 34 Units
- Sale Price: $2,700,000
- Brokers: Director Anthony Citriglia, Director Karla Galva, and Director Jimmy Donahue
Property Overview: 34-Unit Apartment Building in Stone Park
The property consisted of seven studio apartments, twenty-three one-bedroom/one-bathroom units, three two-bedroom/two-bathroom units, and one office space with the potential to be converted into two additional dwelling units.
Approximately 70% of the units had been renovated, presenting investors with an attractive opportunity to acquire a well-maintained asset with both immediate and long-term upside potential.
Investment Opportunity for Chicago Multifamily Investors
Essex successfully marketed the property by highlighting several compelling investment characteristics, including in-place rents that were approximately 18% below market, the opportunity to create additional units through office conversion, and an assumable loan featuring a favorable 4.46% fixed interest rate maturing in 2032.
“The seller initially received unsolicited interest in the property, but by taking the asset through a structured marketing process, we were able to expose it to a much larger pool of qualified investors and create competition around the opportunity. That competition ultimately helped our client maximize value and achieve a successful sale,” said Director Anthony Citriglia.
Stone Park Multifamily Investment Market
Located approximately 15 miles west of downtown Chicago, Stone Park offers residents convenient access to major transportation corridors, including Interstate 290 and Interstate 294, as well as numerous shopping, dining, and employment destinations throughout the western suburbs.
Stone Park’s accessibility, stable residential base, and proximity to key suburban amenities continue to make it an appealing market for multifamily investors seeking well-positioned assets with long-term growth potential.
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About Essex Realty Group
Essex Realty Group, LLC has served Chicago’s investment real estate market since 1990 as a leading Chicago multifamily brokerage firm specializing in apartment building sales throughout the city and surrounding suburbs.