Mid-rise suburban Chicago multi-housing property listed for sale by HFF

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

krmurphy@hfflp.com