Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of Wheaton Crossing Apartments, located at 1307 College Avenue in the Chicago suburb of Wheaton. Situated on the northeast corner of College Avenue and Blanchard Street, this 24-unit apartment building is comprised of 750 SF two-bedroom apartment floorplans.
The seller, a local investor, hired Essex Managing Director Brian Karmowski and Principal Jim Darrow to exclusively market the property for sale. Within a 10-day timeframe, Essex led an extensive marketing campaign resulting in five offers. The property sold within 98% of list price to a local investor for $3,490,000, which equates to $145,833 per unit. Director Derek Kaptanoglu represented the buyer.
“At over $145,000 per unit, Wheaton Crossing represents the highest price per unit for a Wheaton apartment deal in the last two years,” explained Karmowski. He continued, “the high level of activity in just a matter of days demonstrates not only the efficacy of the Essex marketing plan, but the current demand for quality suburban assets – especially in DuPage County.”
The College Avenue Metra Station, Wheaton College, and downtown Wheaton are all conveniently located within steps of Wheaton Crossing Apartments. Plus, the property was significantly renovated in 2018 offering the new owner a high-quality asset in an excellent location.