Out-of-State Investor Purchases 12-Unit Multifamily Property In Tinley Park For $1,510,000

A 12-unit multifamily property located at 17114 71st Avenue in Tinley Park, Illinois, was sold for $1,510,000. The property features below-market in-place rents, presenting an opportunity for renovation and rent increases to align with market levels.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,510,000
• Address: 17114 71st Avenue
• Market: Tinley Park, IL
• Broker: Jimmy Donahue - Essex Realty Group
• Buyer: Out-of-state investor expanding Chicago-area portfolio

Essex Realty Group facilitated this transaction, with broker Jimmy Donahue representing the sale. The buyer intends to enhance the property by renovating the remaining units and leveraging the potential for increased rents.