Essex Realty Group Closes Sale of $17M Suburban Chicago Apartments

Essex Realty Group announced the sale of Parkside Apartments, a 120-unit multifamily property located in Glen Ellyn, Illinois.

Constructed in 1963, the property represents an institutional-scale investment in the highly sought-after DuPage County rental market. Essex Realty Group Principal Brian Karmowski and Director Anthony Citriglia represented both the seller, Iman Jalali of Bear Peak Capital, and the buyer, Revir Capital, led by Rushi and Prachi Shah, in the transaction.

Parkside Apartments consists of 88 one-bedroom and 32 two-bedroom units totaling approximately 104,640 square feet. The property maintained strong occupancy and tenant demand, while in-place rents remained approximately 10% below market.

“The sale of Parkside Apartments highlights the continued strength of investor demand for well-located suburban multifamily assets in DuPage County. Glen Ellyn’s strong demographics, durable renter base, and clear path to rent growth made this an attractive long-term investment. Congratulations to all parties involved,” said Principal Brian Karmowski.