Essex Realty Group Facilitates $3.49M Sale Of Wheaton Multifamily Apartments

The 24-unit Wheaton Crossing Apartments, located at 1307 College Avenue in Wheaton, Illinois, have been sold for $3,490,000. The multifamily property, situated on the northeast corner of College Avenue and Blanchard Street, offers 750-square-foot two-bedroom apartment floorplans.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $3,490,000
• Units: 24
• Price per Unit: $145,417

The seller, a local investor, enlisted the expertise of Brian Karmowski, Jim Darrow, and Derek Kaptanoglu from Essex Realty Group, Inc. to market the property exclusively. Within 10 days of launching an extensive marketing campaign, they received five offers. Ultimately, the property was sold for 98% of the list price to a local investor, with Derek Kaptanoglu representing the buyer.

According to Brian Karmowski, the sale price of Wheaton Crossing Apartments sets a record at over $145,000 per unit for a Wheaton apartment deal in the past two years. The high level of activity within days showcases the success of Essex Realty's marketing plan and the current demand for quality suburban assets, particularly in DuPage County.

Wheaton Crossing Apartments are conveniently located within steps of the College Avenue Metra Station, Wheaton College, and downtown Wheaton. The property underwent significant renovations in 2018, providing the new owner with a high-quality asset in an excellent location.