Multifamily Deal Closes in Chicago’s South Suburbs
Interra closed a $12.55 million multifamily transaction involving the Hickory Oaks Apartment Complex in Lansing, Illinois.
Michael Duckler represented both the buyer and seller in the transaction. The buyer, SpringView Investments, led by Harold Willig, has an established presence throughout Chicago’s Southland and a long track record of investing in and managing residential properties in stable communities.
The 138-unit property traded for approximately $91,000 per unit and presented a significant value-add opportunity. Located approximately 25 miles south of downtown Chicago, Hickory Oaks Apartment Complex consists of eight three-story, garden-style brick buildings across approximately three landscaped acres.
The community features 84 two-bedroom units, 52 one-bedroom units, and two studio units, offering a diverse mix of in-demand floor plans. “The fundamentals of this property made it a compelling opportunity for the buyer, particularly given the significant rental upside and the strength of the surrounding market,” said Duckler.
If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout