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| Riverwood Apartment Homes, 3649 173rd Court, Lansing, IL |
LANSING, IL
– Marcus & Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada,
announced the sale of Riverwood
Apartment Homes, a 354-unit apartment complex in Lansing, Ill. The $23
million sales price equates to $65,000 per unit.
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| Eric Bell |
Eric Bell, senior vice president investments in
Marcus & Millichap’s Chicago O’Hare office, represented the seller and
procured the buyer, who was required to assume existing debt.
“The property has received numerous
capital improvements within the last seven years, and in the last nine years,
96 units have been renovated,” comments Bell.
“With the renovated buildings
showing stronger occupancy and higher average rents, the new owner is well
positioned to continue the renovation program and further enhance value.”
Built in 1974 at 3649 173rd Court
in Lansing, the apartment complex is less than one mile from interstates 80, 94
and 294, and approximately 30 miles south of downtown Chicago.
The property
is served by Pace, the Chicago metropolitan area’s suburban bus division, South
Shore commuter trains in nearby Hegewisch, and Metra commuter rail trains in
Homewood. Lansing also has its own municipal airport.
Riverwood Apartment Homes is
composed of six, 48-unit, elevator mid-rise buildings and three two-story
buildings totaling 66 units.
The average
unit size is 907 square feet. Apartments feature electric baseboard heat and
sleeve air conditioning, full appliance packages, private patios or balconies,
custom vertical blinds and individual intercoms.
Shared
amenities include a clubhouse with party room, a large outdoor pool with sun
deck, a fitness center, basketball court, sport court, dog walk area, on-site
laundry and on-site storage.
For a complete copy of the company’s news
release, please contact:
Gina Relva,
Public Relations Manager
(925)
953-1716
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