Chicago Apartments Sell Like Hot Cakes
- Jul 06, 2015
A 354-unit apartment community in Cook County recently changed hands in a deal secured by Marcus & Millichap. An affiliate of Indiana-based Bayshore Properties paid $23 million for the property and assumed about $17 million of existing debt, according to Crain’s Chicago Business. The price tag equates to $65,000 per individual unit.
Riverwood Apartment Homes is a 41-year-old community located at 3649 173rd Court in Lansing, Ill. The asset is comprised of six mid-rise buildings each featuring 48 apartment units as well as three two-story buildings totaling 66 units. The community is strategically situated approximately 30 miles south of downtown Chicago and provides access to I-80, I-94 and I-294.
The multifamily community features amenities such as a clubhouse with a party room, outdoor pool with sun deck, fitness center, basketball court, on-site laundry and storage facilities. The average size of an apartment unit is 907 square feet, according to a news release.
“The property has received numerous capital improvements within the last seven years, and in the last nine years, 96 units have been renovated,” said Eric Bell, senior vice president of investments at Marcus & Millichap’s Chicago O’Hare office, who represented the seller – a unit of Waterton Associates – in the transaction. “With the renovated buildings showing stronger occupancy and higher average rents, the new owner is well positioned to continue the renovation program and further enhance value.”