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Essex Sets Apartment PPU Record in Downers Grove, Chicago, Illinois

Essex Sets Apartment PPU Record in Downers Grove

Essex Realty Group, Inc., a Chicago-based multifamily brokerage firm, recently facilitated the sale of Fairview Station Flats, an 18-unit apartment building located at 5117 Fairview Avenue in Downers Grove. The new construction property is located about 30 miles outside of Chicago.

The seller, a local investor, hired the Essex suburban team to exclusively market the property for sale. Derek Kaptanoglu and Brian Karmowski lead marketing and sold the property to a local investor for $7.8 million or $433,333 per unit. The building was delivered in 2022 and features large layouts, high-end finishes, and thoughtful design choices.

β€œThe team was pleased to source a buyer in short order. The high sale price and time of sale corroborates the narrative that many Chicago investors are looking to the suburbs for future investments. Despite turbulent market conditions, we conducted a dozen showings and procured several offers,” said Brian Karmowski.


Inside The Story

Essex Realty Group

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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