Essex Realty Group Facilitates $7.2M Sale Of Forest View Apartments In North Riverside | 2900 Lincoln Avenue | Brian Kochendorfer, Brian Karmowski | MultiFamily | Sale

Summary

Sale

ILLINOIS

MultiFamily

65,000 sqft

The Forest View Apartments, a 56-unit multifamily property located at 2900 Lincoln Avenue in North Riverside, IL, has been sold for $7,200,000. The property consists of a mix of (2) studios, (13) 1-bedroom, (34) 2-bedroom, and (7) 3-bedroom units. Each unit is approximately 1,200 square feet in size, which is significantly larger than a standard apartment unit. The sale price reflects a cap rate of 4.5% and a Gross Rent Multiplier (GRM) of 8.7. The property is situated across the street from the McCormick Woods, a nature preserve spanning 43 acres, providing tenants with access to lush landscaping, walking and bike trails, and the Des Plaines River. In addition, tenants can enjoy the nearby Brookfield Zoo and have easy access to public transportation outlets, schools, and a public library.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $7,200,000
Units: 56
Price per Unit: $128,571
Square Footage: 65,000
Price per Square Foot: $111
Market: North Riverside, IL

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., facilitated the sale of Forest View Apartments on behalf of the original developer's family. The buyer was a local investor, and both the buyer and seller were represented by Brian Karmowski and Brian Kochendorfer from Essex Realty Group, Inc. The developer initially intended to condo the units but later decided to rent them out.

Players

All
3

Agents
2
Agencies
1

$52.5M Sold

$181.7M Sold

Details

Deal Summary

SOLD

IMAGE: Brian Kochendorfer & Brian Karmowski DATE: 09/19/2022 ADDRESS: 2900 Lincoln Avenue MARKET: North Riverside, IL ASSET TYPE: Multifamily BROKERS: Brian Karmowski & Brian Kochendorfer - Essex Realty Group, Inc. (@EssexRealtyGroupInc) SALE PRICE: $7,200,000 UNITS: 56 ~ PPU: $128,571 SF: 65,000 ~ PPSF: $111 NOTE FROM BROKER: Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of Forest View Apartments, a 56-unit multifamily property located at 2900 Lincoln Avenue in North Riverside, a suburb 12 miles west of Chicago. Essex Managing Director, Brian Karmowski, and Managing Broker, Brian Kochendorfer, teamed up to sell the property for the original developer’s family. The developer’s original intent was to condo the units, but instead decided to rent. This being the case, the average unit size is nearly 1,200SF, significantly larger than a standard apartment unit. The buyer, a local investor, purchased the property for $7,200,000. The purchase price reflects a cap rate of 4.5%, and a GRM of 8.7. Karmowski and Kochendorfer represented both the buyer and seller. The unit mix is comprised of (2) studios, (13) 1-bedroom, (34) 2-bedroom and (7) 3-bedroom units. The property is located across the street from the McCormick Woods, a nature preserve expanding across 43 acres. The preserve includes lush landscaping, paved walking and bike trails, and a vast stretch of the Des Plaines River, offering tenants a quiet greenspace just steps away. Tenants can also enjoy the Brookfield Zoo, located within walking distance of the property, and access to several public transportation outlets, schools, and a public library. Congratulations to all involved in this transaction! Please contact Essex Realty Group, Inc. (@EssexRealtyGroupInc) with any questions.

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Address2900 Lincoln Avenue

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