Northmarq Arranges $67M Sale of Two Chicago-Area Apartment Properties
Northmarq’s Midwest Investment Sales team of Parker Stewart, Dominic Martinez, Alex Malzone, and Jake Lamb successfully led the sale of two Chicagoland multifamily apartment communities for a total of $67.25 million.
The properties include Westmore Apartments, a 230-unit garden apartment located at 1049 S. Westmore-Meyers Rd. in Lombard, Illinois and Whispering Trails, a 120-unit garden apartment located at 103 S. Testa Dr. in Naperville, Illinois.
Northmarq represented the seller, Axiom Properties Inc., for both properties. B & A Property Group, LLC, bought Westmore Apartments for $46 million. FPA Multifamily purchased Whispering Trails for $21.25 million. “The strong interest we saw across both properties reflects the long-term upside of these assets and the quality of their locations within DuPage County,” said Stewart.
Built in 1968, Westmore Apartments is a 230-unit garden-style community situated on approximately 11.5 acres in Lombard. The property is currently 98% occupied and offers a mix of one-, two- and three-bedroom floorplans. Whispering Trails, built in 1985, is a 120-unit garden-style community located in the heart of Naperville. The all-two-bedroom community was built in 1985.
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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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