Essex Realty Closes Bulk Condo Sale in Chicago Ridge
Essex Realty Group closed on the sale of 66 condominium units within the Tatra Condominium complex at 10520-10640 Brooks Ln. in Chicago Ridge, IL. A local Chicagoland investor purchased the condo units for approximately $5,000,000, adding to their existing suburban portfolio.
The 66 units represent approximately 43% of the homeowner association (HOA) for Tatra Condominiums. The offering presented the investor with the opportunity to gain a near majority position in the HOA, as well as add value through raising rents to market rates.
Essex managing director Brian Kochendorfer represented the seller, while Essex director Troy Beebe advised the buyer.
The sale represents the third suburban transaction closed by Essex in the past two weeks. The brokerage closed on sales of 4735-4749 W.101 St. in Oak Lawn, and 705 W. Park Ave. in Libertyville as well.
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