Multifamily N Illinois

Essex Realty Group brokers sale of The Parker in Park Ridge for $15 million

<strong /><br />
<strong /><br />
<strong /><br />

Essex Realty Group closed the sale of The Parker, a 46-unit new construction property located in Park Ridge, Illinois, one of Chicago’s most desirable suburbs. Developed by a joint venture of CA Residential and Orchard Development Group, the property was completed in 2016.

Jim Darrow, Jordan Gottlieb and Jordan Multack represented the sellers, CA Residential and Orchard Development Group. Doug Imber, Kate Varde and Clay Maxfield represented the buyer, a private investor in a 1031 exchange. Essex secured a buyer after a highly competitive marketing process resulting in multiple offers. The sale price was approximately $15,075,000.

“It’s rare to have a multi-family property go up for sale in Park Ridge, let alone a newly constructed one within walking distance to downtown and public transportation,” said Jim Darrow, principal for Essex Realty Group.

All 46 units are two-bedroom two-bathroom homes featuring large floorplans, washer/dryer in unit, large kitchens with center islands, strategic USB charging outlets and a balcony or fireplace. Community features include 92 parking spaces (46 are garage spaces), a fitness center, car washing area, pet run, grilling area and ButterflyMX intercom systems at each entryway. The building is within walking distance of the charming downtown area as well as the Park Ridge Metra station.