Marcus & Millichap Sells $22M REO Apartment Community in Suburban Chicago

WAUKEGAN, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Northgate Apartments, (top left photo) a 363-unit REO apartment community in Waukegan. The sales price of $22 million represents $60,606 per unit and $63 per square foot.

Scott Harris, a senior vice president investments and senior director of the firm’s National Multi Housing Group in Oak Brook, represented the seller, an East Coast-based lender. Harris also represented the buyer, an LLC organized by Monarch Investment and Management Group, a private investment group based in Colorado.

“Despite reports to the contrary, commercial real estate transactions are still closing,” says Harris. “On this transaction, the seller’s cooperation with our marketing efforts made it possible to generate significant interest in the property. In 30 days, we scheduled 30 showings of the asset and obtained 12 offers from qualified investors,” adds Harris.

The 348,930-square foot property is located on 10.76 acres at 2330 North Samson Way in Waukegan, a northern suburb of Chicago on the shores of Lake Michigan.

Northgate Apartments has a strong unit mix of 15 small one-bedroom/one-bath units, 45 large one-bedroom/one-bath apartments, 108 two-bedroom/one-bath units, 90 large two-bedroom/two-bath apartments, 90 extra-large two-bedroom/two-bath units and 15 three-bedroom/two-bath apartments.

Built in 2001, Northgate Apartments is in very good condition. Each unit has a washer, dryer, a walk-in closet in the bedroom and a balcony. Shared amenities include a clubhouse, fitness center, playground, swimming pool and tennis court.

Press Contact:  Stacey Corso, Communications Department, (925) 953-1716