Essex Realty Group Facilitates $1.3M Multifamily Sale In Niles, IL

A local investor has purchased two six-unit multifamily buildings located in the Cook County suburb of Niles, Illinois. The properties, located at 8861 Cumberland Avenue and 8890 Root Street, were sold for a total of approximately $1,300,000. These multifamily buildings offer a mix of one- and two-bedroom apartment units and present a value-add opportunity for investors.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,300,000
• Units: 12
• Price Per Unit: $108,333
• Address: 8861 Cumberland Avenue & 8890 Root Street, Niles, IL
• Market: Niles, IL

The seller, a local investor, was represented by Anthony Citriglia, Director at Essex Realty Group, Inc. In a span of two weeks, Essex Realty Group led a successful marketing campaign that generated interest from potential buyers. The properties received over 14 property tours and multiple offers. Derek Kaptanoglu, also a Director at Essex Realty Group, Inc., represented the buyer in the transaction.

According to Citriglia, the buyer saw untapped potential in these Niles properties, despite traditionally investing in the South and West suburbs of Chicago. The Niles area has witnessed strong rental demand and steady rental increases over the years, making it an attractive investment opportunity for the buyer.

These multifamily properties, located one block apart from each other, offer investors the chance to add value and capitalize on the rental market demand in Niles.