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

6654 Pine Tree Street
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This MultiFamily property located in IL was sold for $6,400,000 almost 2 years ago. The brokers of the deal were Brian Karmowski, Brian Kochendorfer, and Anthony Citriglia

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!

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Deals
  • Location
    6654 Pine Tree Street, Hanover Park, Illinois 60133, United States6654 Pine Tree Street, Hanover Park, Illinois 60133, United States
  • Sale Price
    $6,400,000$6,400,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Anthony Citriglia

Anthony Citriglia

Deals15
Sold$31.1M

Agency

Essex Realty Group

Essex Realty Group

Agency
Deals380
Volume$1.6B

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Deal Summary

SALE IMAGE: Anthony Citriglia, Brian Karmowski & Brian Kochendorfer DATE: 06/09/2022 ADDRESS: 6654 Pine Tree St MARKET: Hanover Park, Chicago Suburbs ASSET TYPE: Multifamily BROKERS: Brian Karmowski, Brian Kochendorfer & Anthony Citriglia (@Mr_Multifamily) - Essex Realty (@ChicagoMultifamily_EssexRealty) SALE PRICE: $6,400,000 UNITS: 64 ~ PPU: $100,000 NOTE FROM @ChicagoMultifamily_EssexRealty: Hanover Park Apartment Building Trades Over List Price for $6.4M Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of Pinetree Apartments located at 6654-6754 Pinetree Street in the Cook County suburb of Hanover Park, IL. The seller, a local investor, hired the Essex team of Brian Karmowski and Brian Kochendorfer to exclusively market the property for sale. After just two weeks of marketing the property, Essex procured multiple offers to purchase. The property closed $25,000 over list price for $6,400,000. Essex director Anthony Citriglia represented the buyer. “In just two weeks of marketing, Essex secured 15 showings and seven offers. The interest was substantial and a testament to the current demand for value-add product. Congratulations to all parties involved,” said Karmowski. Pinetree Apartments is a 64-unit garden complex located in Hanover Park, just one-half mile north of the Hanover Park Metra Station. The property is comprised of four separate two-story buildings consisting of 16 units each. Current ownership recently renovated approximately half of the apartment units presenting a value add opportunity for the next owner.

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6654 Pine Tree Street

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