(To read more on the multifamily market, click here.)
CHICAGO-Approximately $27 million of investment real estate sales have been completed by Essex Realty Group. The deals included a combination of multifamily and retail properties located in the city and northwest suburban Crystal Lake.
Darlington Court Apartments, a 235-unit, 11-building apartment complex at 560-593 Darlington Ct., in Crystal Lake, sold for $18.3 million. The property includes two playground areas, a swimming pool with cabana, picnic tables and parking for approximately 370 vehicles. The entire project sits on a nearly 13-acre site.
Sellers of Darlington Court, a private investment group led by Banner Property Management, were represented by Doug Imber, president, and Doug Fisher of Essex Realty. The purchaser, another private investor, was represented by Jim Barcelona, also of Essex.
"The apartment complex immediately next door to Darlington has been converted to condo. The buyer of Darlington plans to do the same," Imber tells GlobeSt.com. "Crystal Lake has been booming. Metra has added another train stop for the community so the time for conversion is ripe in this market."
In another area multifamily deal, the property at 2755 W. Arthur in the West Rogers Park neighborhood of Chicago traded hands for $3.36 million. The 31-unit courtyard building consists of 28 apartments and three commercial spaces. Both the seller and buyer of this property were private local investors. The buyer plans to convert the building to condominium as well. Matt Welke of Essex Realty represented both parties.
In addition to the multifamily properties, a three-story building, plus basement, at 1424 E. 53rd St. in the Hyde Park neighborhood of Chicago sold for $5 million. The building includes 9,828 sf of ground-floor retail space and 23,665 sf of commercial/office space. The property also features 33 parking spaces. Both the buyer and seller are private investors. The buyer plans to manage and maintain the property as is. David Goss and Jim Darrow were sole brokers in the transaction. "We've seen a tremendous amount of private capital for deals of this nature. We have a number of similar deals that will close soon," Imber tells GlobeSt.com.
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