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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 
Essex Realty Group arranged the $17.3-million sale of Crestline Villa Apartments located in Alsip, IL

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. 


Inside The Story

Essex Realty Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).