Essex Realty Group, Inc. announced the sale of the 220-unit Pebblewood Court Apartments located at 2230 Breezewood Lane in Chicago’s northwest suburb of Hanover Park, Illinois.
Engaged to market the Pebblewood Court Apartments in mid-September 2020, Essex Realty Group’s team conducted an extensive marketing campaign resulting in 16 property tours and eight offers. The property was placed under contract after approximately five weeks on the market and closed in late December for $21,600,000.
Essex president Doug Imber, principal Kate Varde, and directors Jaimie Steinher and Dan Shepherd represented the sellers, a regional investment group, in this transaction. Essex managing director Brian Kochendorfer and director Brian Karmowski represented the buyer, a local investor.
Pebblewood Court Apartments is comprised of 11 two-story, walk-up style buildings; each building features 20 apartment units plus storage lockers and a laundry room. The property spans over 10 acres of land and includes a leasing and management office, swimming pool, maintenance building and garage, workshop space and 330 parking spaces.
Essex previously facilitated the sale of the property in 2013 as a bulk sale after a minority of the units were sold as condominiums. In 2019, Essex assisted in the re-purchase and deconversion of the previously sold condominiums. And in 2020, the property came full circle, selling as a 220-unit apartment community.