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Triton completes five-property 1031 exchange sale in western suburbs

Updated: Mar 21, 2023

Triton Realty Group LLC recently facilitated the sale of a three building, 24-unit portfolio in Elgin. This transaction allowed the seller to purchase a portfolio of 9 units in East Dundee and 8 units in West Dundee via a 1031 exchange. Triton’s Senior Vice President, Edward Liss, facilitated the Elgin sale for the seller and represented his seller client in the acquisition of the East and West Dundee sales.

The three Elgin properties, 415-419 Division Street, 320 Percy Street, and 327 McClure Street were sold off-market and generated substantial interest from local buyers. The unit mix includes 21 one-bedroom units, 1 two-bedroom unit, and 2 three-bedroom units. Two properties were constructed in 1960 and the other was built in 1900. The total sale price was $1,750,000 or a price per unit of $72,916. The buyer, a local family office, was able to add additional scale to their Elgin portfolio and purchase fully stabilized cash flowing buildings with upside to add value through unit improvements and rental increases.

Selling the Elgin properties allowed the owner to improve his rental portfolio in a superior market and obtain a unit mix of larger units, higher rents, and multiple garages in East and West Dundee. 161-165 Linden Avenue (9 units) in East Dundee has 9 two-bedroom units with 10 garages. 523-531 Eichler Drive (8 units) in West Dundee has 4 side-by-side duplexes with all two-bedroom units, full basements, and attached garages built in 1979. Both properties were sold by the family of the original developer. The total sale price of the portfolio was $2,245,000 or a price per unit of $132,059.

According to Liss, “This transaction is an example of how rental demand remains very strong in the western suburban markets. More space, land, and parking have been consistent trends since the pandemic started. By selling the first portfolio off-market the seller was allowed ample time to identify for the exchange.”

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