Pebblewood Court Apartments sells for $21.6 million

  • The Pebblewood Court Apartments, with its 11, two-story buildings, has been sold for $21.6 million.

    The Pebblewood Court Apartments, with its 11, two-story buildings, has been sold for $21.6 million. Courtesy of Essex Realty Group Inc.

 
Updated 1/8/2021 9:48 AM

HANOVER PARK -- Chicago-based Essex Realty Group Inc. announced the sale of the 220-unit Pebblewood Court Apartments at 2230 Breezewood Lane in Hanover Park for $21.6 million.

The property was placed under contract after approximately five weeks on the market and closed in late December, the company said.

 

Essex President Doug Imber, Principal Kate Varde, and Directors Jaimie Steinher and Dan Shepherd represented the sellers, a regional investment group, in this transaction. Essex Managing Director Brian Kochendorfer and Director Brian Karmowski represented the buyer, a local investor.

This is the third time Essex has been involved in a sale of the property. Essex previously facilitated the sale in 2013 after a minority of the units were sold as condominiums. In 2019, Essex assisted in the repurchase and deconversion of the previously sold condominiums.

Pebblewood Court Apartments is comprised of 11, two-story walk-up style buildings, each building features 20 apartment units plus storage lockers and a laundry room. The property spans over 10 acres and includes a leasing office, swimming pool, maintenance building and garage, workshop space, and 330 parking spaces.

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