The Emerson Apartments building, located at 1135 Westgate St., sold for $60,250,000 on July 1.
VA8 Emerson, LLC of Irvine, California, purchased the 20-story building from LMC Oak Park Holdings, LLC. The real estate transfer tax, or how much money the Village of Oak Park receives from the sale, is $482,000. The seller fronts that bill, according to Oak Park’s finance department. In Oak Park, the transfer tax is $8 per $1,000 of the sale price.
VA8 Emerson, LLC bought the building with a loan of $44,064,000 provided by the Federal Home Loan Corporation. LMC Oak Park Holdings, LLC is the original developer of The Emerson, which opened in 2017.
The building contains 270 apartment units, including studio, one-bedroom and two-bedroom apartments with various floor plans. The Emerson also has an indoor parking garage, commercial units and is silver leadership in energy and environmental design certified, according to village officials.
LEED certifications are a framework for “healthy, highly efficient and cost-saving green buildings, which offer environmental, social and governance benefits.” Silver is the third highest certification.
Other amenities at The Emerson include a swimming pool, a fitness center, stainless steel appliances and close proximity to the Metra train station and a Green Line CTA stop.