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.
The post Villa Park Multifamily Building Changes Hands appeared first on Connect CRE.
