June 11, 2019 Comments Off on New-Build Rentals Trade in Park Ridge 1031 Deal Views: 451 Chicago News, Greater Chicagoland

New-Build Rentals Trade in Park Ridge 1031 Deal

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An Essex Realty Group team has arranged the sale of The Parker, a 46-unit, new construction rental property in Park Ridge, IL. Developed by a joint venture of CA Residential and Orchard Development Group, the property sold for $15,075,000.

“It’s rare to have a multifamily 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 with Essex Realty.

Darrow, Jordan Gottlieb and Jordan Multack represented the JV. Essex Realty’s Doug Imber, Kate Varde and Clay Maxfield advised the buyer, a private investor in a 1031 exchange.

The Parker was completed in 2016. It’s within walking distance of downtown as well as the Park Ridge Metra Station.

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