Essex Realty Group Facilitates $7.2M Sale Of Forest View Apartments In North Riverside

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.