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| Stone Crossing Apartments Aurora, IL |
AURORA, IL – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Stone Crossing Apartments, a 258-unit apartment
complex in Aurora. The asset commanded a selling price of $14,915,000, or
$57,810 per unit.
Eric
Bell, a senior vice president investments, and Edward Liss, an
associate, both in Marcus & Millichap’s Chicago O’Hare office, represented
the buyer and seller, two Chicago-area investors.
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| Edward Liss |
“Interest rates are currently very attractive, so we expect
the new owner to realize strong cash-on-cash returns from this asset moving
forward,” says Bell.
“There is also an opportunity here to add value in the form
of rent enhancements to match the Chicago metro’s improving suburban
multifamily market; a steady trend that characterized 2012 and, though slowing
slightly in 2013, shows no signs of abating.”
Located at 1240 Nantucket Road with frontage on Indian Trail
Road, the 214,650-square foot property is comprised of 70 one-bedroom/one-bath
units, 170 two-bedroom/one-bath units and 18
three-bedroom/one-and-one-half-bath townhome units.
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| Eric P. Bell |
Amenities include laundry in each building and a grill
courtyard in this C-plus asset. Tenants benefit from the enhanced privacy of a
single road encircling the property.
In 2008, Stone Crossing Apartments received more than $3
million in capital improvements to the following: windows, hallways,
landscaping, electrical and plumbing. The unit interiors received updated
kitchens, baths and appliances.
Aurora is Illinois’ second-largest city and receives
convenient 40-mile commuter train service to downtown Chicago.
For a complete copy of the company’s news release, please
contact:
Public Relations
(925) 953-1716
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