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| Glen Oaks Commons, Des Plaines, IL |
CHICAGO, IL – HFF announced today that it has been named to
market for sale Glen Oaks Commons, a 504-unit, value-add, mid-rise
apartment property with elevators in Chicago’s northwest suburbs.
HFF
is marketing the property on behalf of the seller, Malkin Properties of
Illinois, Inc. The property will be
delivered free and clear of existing financing.
 |
| Matthew Lawton |
Glen
Oaks Commons is situated on 17.6 acres at 9700 Sumac Road in Des Plaines, close
to the O’Hare International Airport, Advocate Lutheran General Hospital and
Interstate 294 about 20 miles northwest of Chicago. The property comprises seven, four-story residential buildings
with one-, two- and three-bedroom units averaging 938 square feet each. Community amenities include an Olympic-sized
swimming pool and sundeck, fitness center, playground and volleyball and tennis
courts. Glen Oaks Commons is 97 percent
occupied.
 |
| Marty O'Connell |
According to HFF, approximately 50 percent of the homes have
undergone a full renovation, which includes upgrades to kitchens, bathrooms and
interior common areas. Potential
investors will have the opportunity to continue the renovation program and will
also benefit from current ownership’s superb maintenance of the property. Any new investor capital will be immediately
accretive to investor returns.
The
HFF investment sales team representing the seller is led by executive managing
director Matthew Lawton and managing directors Marty O’Connell and
Sean Fogarty.
 |
| Sean Fogarty |
Malkin Properties is the acquisition, management and marketing arm of
the Malkin family, which controls the ownership and operation of more than 15
million square feet of commercial, residential and light industrial property in
more than a dozen states.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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