Essex Realty Completes Sale of Melrose Park Portfolio
Chicago-based multifamily brokerage firm Essex Realty Group has completed the sale of a 105-unit apartment portfolio located in the Chicago suburb of Melrose Park for $8.9 million.
The transaction was facilitated by Essex Principal Brian Karmowski, who represented the seller, and Essex Director Abe Eilian, who represented the buyer. The portfolio is comprised of seven neighboring buildings on 17th and 18th Avenues. Recent capital improvements include newly seal-coated parking spaces, new hot water heaters in select buildings, updated porches with new support beams, and recently replaced roofs.
Melrose Park encompasses just over four square miles and is bordered by Maywood to the south, River Forest to the west, and River Grove to the north. The buildings are situated approximately seven miles south of O’Hare International Airport and provide convenient access to Interstate 294 and Interstate 290.
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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