Essex Realty Group has brokered the sale of 66 units within Tatra Condominiums, a 144-unit condo property in Chicago Ridge, Ill. A local investor purchased the units for approximately $5 million, intending to raise rents to market rates. Essex Managing Director Brian Kochendorfer assisted the seller, while Director Troy Beebe represented the buyer in the deal.
Situated on 4.5 acres at 10520-10640 Brooks Lane, Tatra consists of seven buildings with one- and two-bedroom condos. The property was significantly improved in 2007, with upgrades including new tear-off roofs, copper plumbing, fire protection systems, intercom systems and secured entry doors. Additionally, all units received apartment-grade finishes.
The property is some 21 miles southwest of downtown Chicago and a mile west of the city center, next to Interstate 294. The location provides easy access to surrounding suburbs due to its proximity to the Chicago Ridge and Worth Metra stations. Chicago Ridge Mall is less than 2 miles north.
Last month, another Essex Realty brokerage team arranged the sale of a 17-unit luxury community in Chicago’s Buena Park neighborhood. A local 1031 exchange investor purchased the property for $6.7 million.