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Burbank Apartments Sell in Less Than a Month
Essex Realty Group arranged the sale of 7858 S. Natoma Avenue, a 15-unit multifamily property in Burbank, IL, one of Chicago’s southwest suburbs. The property was purchased by a local investor for approximately $1,035,000.
“Multifamily properties do not transact often in Burbank,” said Essex broker Derek Kaptanoglu. “In fact, according to Co-Star Comps this was the first multifamily property to transact in the city for over $1,000,000 in two years.”
Kaptanoglu and managing director Brian Kochendorfer were the brokers on the transaction. The property received six offers and was placed under contract after just 30 days on the market.
“The rare opportunity to purchase a larger multifamily property in Burbank coupled with the value-add opportunity this property presented really generated fantastic activity, despite the headwinds from the global pandemic,” added Kaptanoglu.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
