Essex Realty Facilitates $6.3M Sale Of Niles Multifamily Building

A Chicago-based multifamily brokerage firm, Essex Realty Group, Inc. facilitated the sale of a multifamily property located at 7900-7920 N. Caldwell Avenue in Niles, IL. The property consists of three buildings surrounding a communal grass courtyard and offers a total of 60 units. The apartment units are a mix of studio, one-bedroom, and two-bedroom floorplans, with 47 of them recently renovated. Situated on the west side of Caldwell Avenue, the property is conveniently located near the new CTA Skokie Swift Station and various recreational centers and forest preserves.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,375,000
• Market: Niles, IL
• Units: 60
• Price per Unit: $106,250
• BROKERS: Abe Eilian, Matt Feo, & Brian Mond - Essex Realty

Essex Directors Abe Eilian and Matt Feo were exclusively hired to market the property for sale on behalf of the local investor seller. Through an extensive marketing campaign, Essex Realty attracted significant interest and conducted more than 18 property tours. Ultimately, the property was sold to a local investor for $6,375,000, with Essex Director Brian Mond representing the buyer in the transaction.

The sale of this multifamily building reflects the strong demand for this type of property in the current market. With low interest rates and increasing rental prices in the area, more exciting deals are anticipated in the future, according to Brian Mond.

Overall, the successful transaction showcases Essex Realty Group's expertise in facilitating the sale of multifamily properties, providing value for both buyers and sellers in the market.