Essex Realty Facilitates $6.4M Sale Of Hanover Park Multifamily Property

The Pinetree Apartments, located at 6654-6754 Pine Tree Street in Hanover Park, IL, have been sold for $6,400,000. The multifamily property consists of a 64-unit garden complex comprised of four separate two-story buildings, each containing 16 units. The property presents a value-add opportunity for the new owner, as approximately half of the apartment units have been recently renovated.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $6,400,000
• Units: 64
• Price Per Unit: $100,000
• Address: 6654 Pine Tree Street, Hanover Park, IL
• Market: Hanover Park, Chicago Suburbs

The Seller, a local investor, enlisted the services of Essex Realty Group, Inc. to market the property for sale. The brokerage firm, represented by Brian Karmowski and Brian Kochendorfer, generated significant interest in just two weeks, resulting in 15 showings and seven offers. Ultimately, the property closed for $25,000 over the list price, reaching a final sale price of $6,400,000. The buyer was represented by Anthony Citriglia, a director at Essex Realty.

This successful transaction highlights the strong demand for value-add multifamily properties in the Hanover Park area. Congratulations to all parties involved!