{"id":1004122580,"date":"2015-07-06T05:35:55","date_gmt":"2015-07-06T13:35:55","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354457"},"modified":"2020-05-21T23:31:30","modified_gmt":"2020-05-22T07:31:30","slug":"chicago-apartments-sell-like-hot-cakes","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-apartments-sell-like-hot-cakes\/","title":{"rendered":"Chicago Apartments Sell Like Hot Cakes"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

A 354-unit apartment community in Cook County recently changed hands in a deal secured by Marcus & Millichap<\/a>.<\/p>\n

\"Riverwood<\/a><\/p>\n

An affiliate of Indiana-based Bayshore Properties<\/a> paid $23 million for the property and assumed about $17 million of existing debt, according to Crain\u2019s Chicago Business<\/a><\/em>. The price tag equates to $65,000 per individual unit.<\/p>\n

Riverwood Apartment Homes is a 41-year-old community located at 3649 173rd<\/sup> Court in Lansing, Ill. The asset is comprised of six mid-rise buildings each featuring 48 apartment units as well as three two-story buildings totaling 66 units. The community is strategically situated approximately 30 miles south of downtown Chicago and provides access to I-80, I-94 and I-294.<\/p>\n

The multifamily community features amenities such as a clubhouse with a party room, outdoor pool with sun deck, fitness center, basketball court, on-site laundry and storage facilities. The average size of an apartment unit is 907 square feet, according to a news release.<\/p>\n

\u201cThe property has received numerous capital improvements within the last seven years, and in the last nine years, 96 units have been renovated,\u201d said Eric Bell, senior vice president of investments at Marcus & Millichap\u2019s Chicago O\u2019Hare office, who represented the seller \u2013 a unit of Waterton Associates<\/a> \u2013 in the transaction. \u201cWith 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.\u201d<\/p>\n

Image via Riverwood Apartment Homes on Google+<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 354-unit apartment community in Cook County has recently changed hands in a deal secured by Marcus & Millichap.<\/p>\n","protected":false},"author":192,"featured_media":1004122909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004122580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"\nChicago Apartments Sell Like Hot Cakes - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-apartments-sell-like-hot-cakes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Apartments Sell Like Hot Cakes\" \/>\n<meta property=\"og:description\" content=\"A 354-unit apartment community in Cook County has recently changed hands in a deal secured by Marcus & Millichap.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-apartments-sell-like-hot-cakes\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-06T13:35:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T07:31:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Riverwood-Apartment-Homes-Chicago-IL1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"535\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"Chicago Apartments Sell Like Hot Cakes\",\"datePublished\":\"2015-07-06T13:35:55+00:00\",\"dateModified\":\"2020-05-22T07:31:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/\"},\"wordCount\":240,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/Riverwood-Apartment-Homes-Chicago-IL1.jpg\",\"articleSection\":[\"Chicago\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-apartments-sell-like-hot-cakes\\\/\",\"name\":\"Chicago Apartments Sell Like Hot Cakes - 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