By Ioana Neamt, Associate Editor
Another week brings another apartment deal in The Prairie State.
Marcus & Millichap arranged the sale of Willowbrook Apartment Homes, a six-building multifamily community in Willowbrook, Ill. The property at 7440 Tennessee Drive sold for $14.4 million, the equivalent of $106 per square foot, according to Yardi Matrix data.
Senior Vice President of Investments Scott Harris and Associate Nick Hillard of the broker’s Chicago Oak Brook office represented the seller—Fannie Mae REO—and also procured the buyer—Minneapolis-based Heartland Realty Investors.
“The acquisition of Willowbrook Apartment Homes provides the new owner with an excellent opportunity to improve the asset’s net income through the completion of a renovation program that began several years ago,” said Harris.
Built in 1967, Willowbrook Apartment Homes offers a mix of one-, two-, and three-bedroom units just minutes away from the Midway International Airport and the I-88 corridor. The asset was extensively renovated during the past year, and features amenities such as 370 grade level parking spaces, on-site management, laundry facilities, and 24/7 emergency maintenance.
Image courtesy of Yardi Matrix