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Uncommon Apartment Portfolio Opportunity Comes to Market in Matteson
Essex Realty Group president Doug Imber, principal Kate Varde, and directors Derek Kaptanoglu & Brian Karmowski have been engaged to sell a 138-unit apartment portfolio located in Chicago’s southwest suburb of Matteson, IL. The portfolio is being offered for $13,000,000, reflecting a capitalization rate of 6.4% and a gross rent multiplier of 6.8..
The properties in the portfolio are all located within a half of mile of one another and are within proximity to Interstate 57 and major employers cuh as Amazon and Governors State University.
“Matteson is largely a home-owner suburb, so this is a rare opportunity to purchase such a large percentage of a single city’s rental housing stock,” said Kaptanoglu.
Varde added, “In addition to already compelling metrics, the rents have significant head room. For example, the two-bedroom units average $1,118 in monthly rent while similar competing units consistently achieve $1,300 or more.”
- ◦Sale/Acquisition
