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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Garden-Style Alsip Apartments Asking $20M

Essex Realty Group managing director Brian Karmowski and managing broker Brian Kochendorfer have teamed to list Crestline Villa Apartments, a 144-unit garden-style apartment complex in Alsip, IL.The property is offered for sale at $19,750,000. 

The complex sits on nearly six acres and consists of 12 12-unit buildings positioned around a communal grassy courtyard. There are 48 one-bedroom and 96 two-bedrooms units; with 40 recently remodeled with modern finishes. 

“This is an exceptional property for an investor seeking scale in a stable location,” said Karmowski. “There is immense opportunity to maximize income by remodeling the remaining units and increasing rents 25-33%. The owner has recently leased one-bedroom units for $1,300 and remodeled two-bedroom units for $1,600 per month.” 

In addition to unit rehabs, the owner has recently completed several capital improvements to include replacing all roofs and siding and all hot water tanks, and refinishing all common areas and hallways. 


Inside The Story

Essex Realty Group

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).

  • ◦Sale/Acquisition