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Garden-Style Alsip Apartments Asking $20M
Essex Realty Group managing director Brian Karmowski and managing broker Brian Kochendorfer have teamed to list Crestline Villa Apartments, a 144-unit garden-style apartment complex in Alsip, IL.The property is offered for sale at $19,750,000.
The complex sits on nearly six acres and consists of 12 12-unit buildings positioned around a communal grassy courtyard. There are 48 one-bedroom and 96 two-bedrooms units; with 40 recently remodeled with modern finishes.
“This is an exceptional property for an investor seeking scale in a stable location,” said Karmowski. “There is immense opportunity to maximize income by remodeling the remaining units and increasing rents 25-33%. The owner has recently leased one-bedroom units for $1,300 and remodeled two-bedroom units for $1,600 per month.”
In addition to unit rehabs, the owner has recently completed several capital improvements to include replacing all roofs and siding and all hot water tanks, and refinishing all common areas and hallways.
- ◦Sale/Acquisition
