Essex Realty Group has completed the sale of Parkside Apartments, a 120-unit multifamily community in Glen Ellyn, Illinois. The institutional-scale asset is located in DuPage County, a suburban rental market described as highly sought-after in the transaction announcement.
Parkside Apartments was originally constructed in 1963 and has since grown into a sizable garden-style rental property within the western suburbs. The community is positioned as a larger, contiguous multifamily asset in a submarket characterized by stable demand from renters.
The property comprises a unit mix of 88 one-bedroom apartments and 32 two-bedroom apartments, for a total of approximately 104,640 square feet. This scale provides investors with meaningful exposure to suburban multifamily fundamentals in a single transaction, rather than through a scattered-site portfolio.
According to Essex Realty Group, Parkside Apartments maintained strong occupancy at the time of sale, with consistent tenant demand across the unit mix. Despite this healthy performance, in-place rents at the property were reported to be roughly 10% below prevailing market levels, indicating embedded revenue potential for the new ownership as leases roll.
Essex Realty Group Principal Brian Karmowski and Director Anthony Citriglia represented both sides of the transaction. The seller was identified as Iman Jalali of Bear Peak Capital, while the buyer was Revir Capital, led by Rushi and Prachi Shah. The dual representation underscores Essex Realty Group’s role in facilitating the deal between an existing owner and an active multifamily investor.
In a statement regarding the sale, Karmowski noted that the disposition of Parkside Apartments underscores the continued strength of investor demand for well-located suburban multifamily properties in DuPage County. He highlighted Glen Ellyn’s demographics, the area’s durable renter base, and a clear path to rent growth as key factors supporting the investment thesis for the buyer.
The transaction illustrates how stabilized suburban communities with solid occupancy, but below-market rents, continue to attract capital seeking long-term growth in established residential locations. While specific pricing and financial terms were not disclosed, the parties involved emphasized the property’s combination of scale, location, and upside potential as central to the investment case.
