Essex Realty Closes $17M Sale of Alsip Apartments
Essex Realty Group Inc. recently facilitated the sale of Crestline Villa Apartments, a 144-unit garden-style apartment complex located in Alsip, IL. The property sold to a local investor for $17,300,000 at a 6.81% cap rate and 7.64 GRM.
The owner hired Essex brokers Brian Kochendorfer and Brian Karmowski to help sell the property. Essex broker Abe Eilian represented the buyer.
Karmowski said, “Crestline Villa is an excellent opportunity for an investor to purchase a large asset in a stable suburban market. The property is currently performing well; however, the opportunity exists to further update additional units, increase rents, and add significant value.”.
In addition to 12 apartment buildings, the nearly six-acre parcel also included over 300 parking spaces, well maintained greenspace, and access to shared dog park. The property is also located near major employers, Interstates I-294 and I-57, several Metra stations and numerous restaurant and retail options.
