GLENDALE HEIGHTS, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Stonegate Apartments (top left photo), an 11-building 420-unit apartment complex in Glendale Heights. The listing price of $31 million equates to $73,810 per unit. Nicholas Manganais, an associate vice president investments, and David Tarnoff, a vice president investments, both in Marcus & Millichap’s Chicago office, are representing the seller, Stonegate Venture Corporation.
The apartment complex is located with frontage along heavily traveled Glen Ellyn Road, at the intersection of Gregory Avenue, approximately 24 miles west of Chicago in DuPage County.
Stonegate Apartments was built in 1976 and renovated in 2006. All units have new sprinklers and smoke and carbon monoxide detectors. The complex features landlord-supplied gas for heating and cooking, ample parking and mature landscaping with multiple green open areas.
“Stonegate Apartments’ convenient location, strong demographics, admirably well-cared-for physical condition, high occupancy and solid operations make this a compelling acquisition opportunity that will serve an investor well for many years to come,” says Manganais.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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