Chicago-based multifamily brokerage firm Essex Realty Group Inc. recently facilitated the sale of Crestline Villa Apartments, a 144-unit garden-style apartment complex located in Alsip, Illinois.
The owner hired Essex brokers Brian Kochendorfer and Brian Karmowski to help sell the property. According to Karmowski, “Crestline Villa is an excellent opportunity for an investor to purchase a large asset in a stable suburban market. The property is currently performing well, but the opportunity exists to further update additional units, increase rents, and add significant value.”
After 20+ tours from local and national buyers and multiple offers the property sold to a local investor for $17,300,000. The sale price reflects a 6.81% cap rate and 7.64 GRM. Essex Broker Abe Eilian represented the buyer.
In addition to the twelve apartment buildings, the nearly six-acre parcel also included over 300 parking spaces, well maintained greenspace, and access to shared dog park. The property is also located within proximity to major employers, interstates I-294 and I-57, several Metra stations and numerous restaurant and retail options.
