CHICAGO, ILLINOIS – Thursday September 5, 2013 – ACO Commercial is pleased to announce the sale of the Carmen East River Condominiums located at 5025-5043 N. East River Road in Norridge, a northwest suburb of Chicago. The property consists of 27 out of the 48 condominium units in the development, which was constructed in 1970, and converted to condominiums in 2007. The units are all one-bedroom floorplans, and are located in two adjacent freestanding buildings.
George Toscas, Executive Vice President of ACO Commercial arranged the sale of this fractured development on behalf of a bank client. The sale price of $1,625,000, or approximately $61,000 per unit, represented a 10% premium over the average unit sales in the property during the previous 12 months.
ACO Commercial specializes in the sale of investment real estate throughout the Midwest. Affiliated Chicago Operations, LLC has 21 offices in Illinois, Wisconsin, and Indiana with over 1,000 agents.