CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 7900-7920 N. Caldwell Avenue in the Chicago suburb of Niles. This 60-unit multifamily property is comprised of three buildings positioned around a communal grass courtyard. Each building is comprised of a mix of studio, one-, and two-bedroom apartment floorplans. Recently, 47 of the 60 apartment units were renovated.
The seller, a local investor, hired Essex Directors Abe Eilian and Matt Feo to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in more than 18 property tours. The property sold to a local investor for $6,375,000, which equates to $106,250 per unit. Essex Director Brian Mond represented the buyer.
“This is a unique time in the market and we are happy to be able to help an experienced buyer acquire this building. As interest rates remain low and the rental prices in the area continue to increase, we will see more exciting deals like this one happening,” said Mond.
7900-7920 N. Caldwell Ave. is situated on the west side of Caldwell Avenue, just south of Oakton Street, the complex is approximately three miles west of the new CTA Skokie Swift Station (Yellow Line) located at the corner of Skokie Boulevard and Oakton Street. In addition, the property is within walking distance of the Golf View Recreational Center to the south and the Miami Woods Forest Preserve to the north.
“There is a such a strong appetite for this type of product right now and we are very happy we were able to capitalize on it for our seller,” added Eilian.