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updated: 8/12/2019 2:32 PM

Libertyville apartments sell for $5.5 million

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LIBERTYVILLE -- Essex Realty Group said it has sold the Northline Apartments in Libertyville for a total of $5.5 million.

The complex is comprised of two, 12-unit apartment buildings 905 and 911 N. Milwaukee Ave. The property at 905 N. Milwaukee Ave. was built in 1986 and features 2 bedroom/2 bath units that range in size from 834 to 851 square feet. The current owners have fully renovated four and partially renovated eight of the 12 apartments with condo-quality finishes. In the last three years, the building has received extensive exterior, mechanical, and common area upgrades.

The building at 911 N. Milwaukee Ave. was built in 2016 and contains 2 bedroom/2 bath that range in size from 1,081 to 1,306 square feet. The building also features high-end condo-quality finishes, an elevator, large floor plans, 8' windows, 13 storage lockers, and heated garage parking.

"This was a rare opportunity to purchase such an impressive property in downtown Libertyville, just a block away from the Metra stop," said Brian Kochendorfer, managing director for Chicago-based Essex Realty Group. "Our sellers achieved an impressive $229,000 per unit average, and the buyers were able acquire a unique trophy asset that still has upside in rents."