Essex Realty Group, Inc. facilitated the sale of 7858 S. Natoma Avenue, a 15-unit multifamily property located in Burbank, Illinois, one of Chicago’s southwest suburbs.
“Multifamily properties do not transact often in Burbank. In fact, according to CoStar comps, this was the first multifamily property to transact in the city for over $1 million in two years,” said Essex broker Derek Kaptanoglu. Kaptanoglu, with Essex managing director Brian Kochendorfer, were the brokers on the transaction.
Essex was engaged to shop around this asset for sale in May 2020. After conducting an extensive marketing campaign resulting in 12 property tours and six offers, the property was placed under contract after just 30 days on the market. The property was purchased by a local investor for approximately $1,035,000
“The rare opportunity to purchase a larger multifamily property in Burbank coupled with the value-add opportunity this property presented really generated fantastic activity, despite the headwinds from the global pandemic,” said Kaptanoglu.
The building consists of seven one-bedroom/one-bathroom and eight two-bedroom/one-bathroom units. Current rents are estimated to average between $100 and $125 per month below market. The property features vintage finishes, a new boiler and washer/dryer on-site.