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Rakesh Patel Of Patel Brothers Group Purchases Lakefront Mansion From Frank Jimenez For $5.75M

Property Image
SOLD
$5,750,000
Kelly Dunn Rynes
Khrystyna Patel

Illinois

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Single Family7,800 SF
Sold 07/17/2025
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Property Image
SOLD

Rakesh Patel Of Patel Brothers Group Purchases Lakefront Mansion From Frank Jimenez For $5.75M

959 Sheridan Road

See Similar Deals
Single Family7,800 SF
Sold 07/17/2025
Kelly Dunn Rynes
Khrystyna Patel
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Single Family
Price Per Square Foot:$737
Total Square Footage:7,800 SF
Transaction Type:Sale

A single-family residence located at 959 Sheridan Road in Highland Park was sold for $5,750,000. This property encompasses 7,800 square feet and features five bedrooms. The sale represents one of the highest transactions in the city since 2021, excluding Michael Jordan’s estate.

Summary of transaction details:

Rakesh Patel, the co-CEO of Patel Brothers Group, acquired the property through a land trust. The seller, Frank Jimenez, served as the general counsel for GE Healthcare.

Players

Kelly Dunn Rynes
Berkshire Hathaway HomeServices
Kelly Dunn Rynes
1 deal$5.8M volume(847) 987-6296
BROKER
Khrystyna Patel
KOMAR
Khrystyna Patel
1 deal$5.8M volume(312) 371-0557
BROKER
Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices
BROKERAGE
KOMAR
KOMAR
BROKERAGE

Details

SOLD
IMAGE: Frank Jimenez, Kelly Dunn Rynes & Khrystyna Patel DATE: 07/17/2025 ADDRESS: 959 Sheridan Road MARKET: Highland Park ASSET TYPE: Single Family BUYER: Rakesh Patel - Patel Brothers Group SELLER: Frank Jimenez - GE Healthcare BUYER'S REP: Khrystyna Patel (@Kriztina.Patel) - KOMAR (@TheKomar) SELLER'S REP: Kelly Dunn Rynes (@Northshorebroker) - Berkshire Hathaway HomeServices Chicago (@BHHS_Chicago) SALE PRICE: $5,750,000 SF: 7,800 ~ PPSF: $737 NOTE: Rakesh Patel, co-CEO of Patel Brothers Group, bought a 7,800-square-foot lakefront mansion at 959 Sheridan Road in Highland Park for $5.75M through a land trust. The five-bedroom home, sold by GE Healthcare general counsel Frank Jimenez and his wife, was the city’s priciest sale since 2021 outside of Michael Jordan’s estate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$306,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,428.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,257.93
Annual Debt Service$327,095.20