Essex Realty Reps Buyer and Seller in Portfolio Sale
Essex Realty Group Inc. recently facilitated the sale of a 24-unit apartment portfolio located in Forest Park, IL, a suburb west of Chicago.
The sellers hired Essex broker Derek Kaptanoglu to represent them in the sale. According to Kaptanoglu, “At the time of closing, more than half of the units had been renovated and were renting 25% above the nonrenovated units, offering significant upside for a future owner in addition to a strong in-place cap rate.”
The portfolio ultimately sold for $2,160,000. The sale price reflects a 7.54% cap rate and 7.19 GRM. Kaptanoglu also represented the undisclosed buyer.
The property is conveniently located near the Forest Park Blue Line, providing quick access to Chicago’s downtown. Its location also provides tenants with many conveniences within walking distance, such as the Forest Park Forest Preserve, and major employers including Loyola University Medical Center.