Essex Realty Facilitates Sale Of Multifamily Property In Des Plaines For $1.025M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a nine-unit multifamily building located at 400-416 Laurel Avenue in Des Plaines, IL. The property was sold for $1,025,000, which equates to $113,888 per unit. The unit mix consists of mostly two-bedroom apartments and a single one-bedroom apartment. The property offers multiple value-add opportunities for the new owner, including updating the interiors and increasing operational efficiencies. With high demand for housing in this location, the buyer can expect future upside.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $1,025,000
• Units: 9
• Price Per Unit: $113,888
• Market: Des Plaines, Chicago Suburbs

Anthony Citriglia and Derek Kaptanoglu from Essex Realty represented the seller and buyer respectively. Citriglia led an extensive marketing campaign that resulted in more than 20 property tours and five offers. The property sold within 91% of the list price to a local investor. The buyer, a new multifamily investor, recognized the value-add potential of the property. Congratulations to all parties involved in closing this transaction.