Essex Realty Group completed the sale of 17114 71st Avenue, a 12-unit multifamily property in Tinley Park, Illinois, for $1.51 million.
The property consists of ten two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units. Two units have been fully renovated, while the remaining ten are in standard condition. The property had been owned by the same seller since 2001 and was acquired by an out-of-state investor with a growing portfolio in the Chicago area. With in-place rents substantially below market, the new owner plans to renovate the remaining units and push rents toward market levels.
“This transaction highlights the strong investor appetite we’re seeing for value-add multifamily assets in Chicago’s suburban markets,” said Jimmy Donahue, Director at Essex Realty Group. “With rents well below market, this property gave the buyer a clear roadmap to drive returns, and we were glad to help facilitate a smooth transaction for both parties.”
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