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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

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. 


Inside The Story

Essex Realty's Kaptanoglu

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).

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