Uncommon Apartment Portfolio Opportunity Comes to Market in Matteson
Essex Realty Group president Doug Imber, principal Kate Varde, and directors Derek Kaptanoglu & Brian Karmowski have been engaged to sell a 138-unit apartment portfolio located in Chicago’s southwest suburb of Matteson, IL. The portfolio is being offered for $13,000,000, reflecting a capitalization rate of 6.4% and a gross rent multiplier of 6.8..
The properties in the portfolio are all located within a half of mile of one another and are within proximity to Interstate 57 and major employers cuh as Amazon and Governors State University.
“Matteson is largely a home-owner suburb, so this is a rare opportunity to purchase such a large percentage of a single city’s rental housing stock,” said Kaptanoglu.
Varde added, “In addition to already compelling metrics, the rents have significant head room. For example, the two-bedroom units average $1,118 in monthly rent while similar competing units consistently achieve $1,300 or more.”
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 GlobeSt.com 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).