Saturday, January 31, 2009

Marcus & Millichap Sells 181-Unit Apartment Community in Elgin, IL for $16.1M

ELGIN, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Squire Village, (top right photo) a 181-unit multi-family community in Elgin.

The sales price of $16.1 million represents $88,950 per unit.

Scott Harris, senior vice president investments in the Oak Brook office of Marcus & Millichap represented the seller, Illinois Elgin LP.

The buyer was represented by Harris and L. Matthew Hare, a senior associate in Marcus & Millichap’s Indianapolis office.

The city of Elgin and Cook County assisted in the transaction by providing a portion of the financing for the property.

“Squire Village is a well-positioned asset in a stable market,” says Harris. “There is a significant demand for affordable market-rate rental housing in the Elgin area and this property should continue to profit from this demand.”

Located at 1146 Yew Court, the 271,810-square foot apartment community is situated on a 15.06-acre parcel with easy access to Interstate 90, two miles east of Elgin Metra Station, and within close proximity to shopping, employment and new development.

The unit mix at the property consists of 22 one-bedroom/one-bath units averaging 1,190-square feet; 69 two-bedroom/1.5-bath units averaging 1,575-square feet, 77 three-bedroom/1.5-bath units averaging 1,495-square feet; and 13 four-bedroom/1.5-bath units averaging 1,680-square feet.

Approximately 50 percent of Squire Village’s tenants use Section 8 vouchers.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

No comments: