Essex Realty Group, Inc. facilitated the sale of Somerset by the Lake, a 48-unit, new construction multifamily property located in Lake Zurich, Illinois. Located at 40 and 60 West Main Street, the property is situated along the shores of Lake Zurich and adjacent to Breezewald Park, which features a sand beach, swimming and the new Sunset Pavilion and Beer Garden.
“We brought Somerset by the Lake to market in the first week of March and immediately generated 10 property tours. We were forced to cancel 11 additional tours that were scheduled for the second week of March due to COVID-19 concerns. By the end of March, despite the global pandemic, we received four competitive offers. Somerset by the Lake proves that buyers’ appetite for unique, stable and well-located assets remains strong,” said Essex principal Jordan Gottlieb. Gottlieb, with Essex principal Jim Darrow, and director Jordan Multack, represented the seller, a local investor.
The property presents the opportunity to acquire a well-positioned apartment building in an irreplaceable location with stable cash flow. Somerset by the Lake features spacious one-bed/one-bath and two-bed/two-bath units which all include premium plank flooring, stainless steel appliances, white modern cabinetry, quartz countertops, full size in-unit laundry, walk-in closets, central HVAC and a private patio or balcony.
The buyer, a local investor, purchased Somerset by the Lake for approximately $10,100,000, which equates to $210,416 per unit. Essex principals Doug Imber and Kate Varde, with directors Clay Maxfield and Jaimie Steinher represented the buyer in this transaction.