Essex Realty Group Facilitates $1.69M Sale Of Tinley Park Multifamily Property

Essex Realty Group, Inc. has successfully sold a 12-unit multifamily property located at 6718 174th Place in Tinley Park, IL. The property, situated in the Cook County suburb, was listed for sale in early April and went under contract just two weeks later. It closed after less than 60 days for a sale price of $1,690,000. The sale was facilitated by Essex Director Derek Kaptanoglu, who represented the seller, and Essex Principal Steve Livaditis, who represented the buyer.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $1,690,000
• Units: 12
• Price per Unit: $140,000
• Market: Tinley Park, IL
• Brokers: Derek Kaptanoglu - Essex Realty, Steve Livaditis - ChicagoMultifamily_EssexRealty
• Date: 06/14/2021

The sale transaction highlights the strong demand for stabilized suburban assets in locations near downtown areas and public transportation. The fully occupied property, which consists of one- and two-bedroom apartment units, fetched a price of $140,000 per unit, making it one of the highest recorded sales on a per unit basis for a rehabbed multifamily property in Tinley Park. The property underwent a complete renovation in 2019 and 2020, which included a new roof, state-of-the-art mechanical systems, luxury finishes in each apartment, and new balconies. Additionally, its convenient location across the street from the Tinley Park Metra Station adds to its appeal.

Essex Realty Group, Inc. is pleased to have facilitated the successful sale of 6718 174th Place in Tinley Park, IL. This transaction demonstrates Essex's expertise in the multifamily property market and further solidifies its position as a leading brokerage firm in the area.