Essex Realty Brokers Sale of Chicago Value-Add Multifamily Asset
The company represented both the seller and the buyer in the transaction of Lakeside Village of Mundelein, a 10-building community located in Mundelein, Ill.
Lakeside Village of Mundelein
A team of brokers from Essex Realty Group Inc. have facilitated the sale of Lakeside Village of Mundelein, a 152-unit community in Mundelein, Ill. Doug Imber, Kate Varde and Clay Maxfield represented the seller, Jeffery Herter, in the transaction, while Brian Kochendorfer, Brian Karmowski and Troy Beebe, also with Essex Realty, worked on behalf of the buyer. The transaction closed at $14.7 million and follows another $24.5 million deal that Essex brokered in Chicago’s Old Town neighborhood at the beginning of December 2018.
The community is located at 313 S. Hickory St. and encompasses 10 buildings. It was completed in 1980 and provides a mix of studio, one- and two-bedroom layouts. According to Yardi Matrix data, Herter bought the asset in 2008 for $13.4 million and secured a $7.1 million loan from Berkadia Commercial Mortgage four years later. The loan matures in 2022.
In November, the property was 97 percent occupied, with monthly rents ranging from $775 to $1,300. The new owner is expected to continue to renovate the units, 110 of which were last upgraded in 2011. Community amenities include one laundry facility per building, waterscape, tennis court, swimming pool and lake views.
Lakeside Village is approximately 30 miles from O’Hare International Airport and 5 miles from interstate 94, which provides convenient access to Chicago and Southern Wisconsin.
Image courtesy of Yardi Matrix
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