Essex Realty Facilitates $10.4M Sale Of Dryden Apartments To Local Investor

The 100-unit multifamily complex known as Dryden Apartments in Arlington Heights, IL has been sold for $10,400,000. The complex consists of four adjacent 24-unit apartment buildings, a four-unit office building, and 106 surface parking spaces. Located at 1-21 N. Dryden Place and 15 S. Dryden Place, just one mile east from downtown Arlington Heights, the property offers a lucrative investment opportunity.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $10,400,000
• Address: 1-21 N. Dryden Place and 15 S. Dryden Place, Arlington Heights, IL
• Market: Arlington Heights

The sale of Dryden Apartments was facilitated by Chicago-based multifamily brokerage firm Essex Realty Group, Inc. Brian Karmowski, the managing director and head of the suburban multifamily brokerage team at Essex, was hired by the seller to exclusively market the property for sale. Karmowski's extensive marketing campaign led to over 30 property tours and received 15 offers. The property was ultimately sold to a local investor for $400,000 over the list price. It is worth noting that Karmowski also represented the buyer in the transaction.

Dryden Apartments offers a variety of one- and two-bedroom apartment floorplans. With its desirable location and potential for value-add opportunities, including interior updates and increased operational efficiencies, the property presents a promising investment for its new owner. Demand for housing in this area further adds to the potential future upside of the property.