Villa Park Multifamily Building Changes Hands
Chicago-based multifamily brokerage firm Essex Realty Group, LLC, announced the sale of 315-319 North Princeton Avenue, a 20-unit multifamily portfolio located in Villa Park.
Essex Director Jimmy Donahue negotiated the transaction on behalf of the parties involved. “This deal checks every box for a value-add investor – a stable income stream, significant rent upside, and the heavy lifting on capital improvements already done,” said Donahue.
315-319 North Princeton Avenue consists of two adjacent 10-unit buildings totaling 6,600 rentable square feet. The property offered investors a stabilized, low-maintenance asset with strong in-place income and significant value-add potential through achievable rent growth.
Ownership completed several recent capital improvements throughout the property, including balcony replacements with new support beams and staircases, recent tuckpointing, a full tear-off roof replacement, an updated boiler system, ongoing window and sliding door replacements, and multiple renovated apartment units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout