Essex Realty Group, LLC closed the off-market sale of two 12-unit apartment buildings in Bensenville, Illinois, a northwest suburb of Chicago.
The properties, located at 240 N. Walnut St. and 417 Park St., were brokered by Essex Director Anthony Citriglia, who represented both the buyer and the seller in the transaction.
Originally developed by the seller in 1989, the buildings feature a desirable unit mix, with 88% of the apartments consisting of spacious two-bedroom, two-bathroom layouts. In addition to ample surface parking, 240 N. Walnut St. offers 15 garage spaces, while 417 Park St. includes 18 garage spaces, several of which accommodate 2-3 cars. The properties presented a strong value-add opportunity, as average rents were approximately 18% below market rate at the time of sale.
Situated just 21 miles from downtown Chicago, Bensenville is a thriving community known for its excellent connectivity and economic strength. With close proximity to O’Hare International Airport, as well as CTA and Metra transit options, the area offers convenient access to major highways including Interstate 290, Interstate 294, and Illinois Route 83. Bensenville is home to a robust commercial and industrial sector, top-rated schools, and scenic parks, making it an attractive destination for both residents and investors.
The sale achieved a record-breaking $160,590 per unit, establishing a new high for multifamily properties of this vintage in Bensenville. The total portfolio price was $3,854,166.
