Essex Realty Group has completed two recent sales in Chicago’s suburbs—a rental portfolio in Oak Lawn, Illinois and a new construction property in Naperville, Illinois. The firm also recently listed a mixed-use portfolio near Loyola University in Chicago.
In 2017, Essex sold a 108-unit apartment portfolio comprising 10409-10435 Menard Avenue and 10300-10320 Parkside Avenue in Oak Lawn to a private partnership, which deconverted the property from condominiums into rental apartments. The buyer in that deal engaged Essex late last year to market the property. Following 20 property tours and multiple offers, the portfolio was purchased by a 1031 exchange buyer for approximately $8,000,000. The new buyer plans to improve the property with updates to the interiors and common areas.
Essex president, Doug Imber, principal, Kate Varde, and managing director, Brian Kochendorfer, were the brokers on the transaction. Both properties feature vintage interior finishes and recent capital improvements including new roofs at 10300 Parkside, and 10435 Menard, a new boiler at 10409 Menard, and six new furnaces at 10300 Parkside. The properties both feature laundry rooms on site and ample outdoor parking.
Essex principal, Doug Fisher, and directors, Abe Eilian and Matt Feo, represented a 1031 exchange investor in acquiring Ellsworth Station, a 39-unit new construction property located at 320 N. Ellsworth Street in Naperville. Essex principal, Kate Varde, joined Imber in representing the sellers. The buyer—who had not purchased a property in more than 30 years—was seeking to upgrade his vintage Chicago portfolio with a newer, high-end suburban legacy asset. Listed for $15.7 million, the sales price was undisclosed.
“The sellers, a husband and wife duo, put a tremendous amount of thought and care into this development as evidenced by the condo-quality finishes throughout,” said Imber.
Ellsworth Station is situated across the street from Burlington Square Park and the Naperville BNSF Railway Line Metra station, and just three blocks from the suburb’s vibrant downtown dining and shopping district. Delivered in 2018, the property features large luxury apartment units featuring keyless entry, open floor plans, gourmet kitchens with quartz countertops and stainless steel appliances plus in-unit laundry. Additionally, the community includes two fitness rooms, a community room and heated garage parking.
Essex also recently listed The Loyola Collection, a three-property, mixed-use portfolio located near Loyola University at 1244, 1303 and 1325 W. Devon Avenue. The portfolio includes new construction buildings that feature large two- and three-bedroom units, ideal for student housing, plus parking and first-floor retail. Athletico, a national physical therapy center, currently occupies 3,203 square feet of retail space at 1325 Devon while the other two buildings feature retail space recently vacated by the building’s developer and contractor to allow for sale.
“The Loyola Collection contains a remarkable 63 bedrooms and 46 bathrooms. These properties were intentionally and thoughtfully designed to attract students, who often prefer to live with roommates in order to split expenses such as rent, utilities, cable and internet, and minimize individual cost,” said Elian, one of the listing brokers.
The Essex Realty Group team believes a new owner has the opportunity to transform this stretch of Devon Avenue through strategic tenant selection. For example, a restaurant and/or exercise studio could be great complementary businesses that will drive foot traffic and cater to students while servicing the neighborhood as a whole.
“In a sea of vintage apartment supply, there are very few opportunities for Loyola students to find a high-end living experience within walking distance to campus which makes this a unique opportunity for a new owner to control that limited supply,” said Feo, co-listing broker.