Continental Properties Acquires Plainfield Multifamily From Wingspan Development For $78.4M | 14750 Wallin Drive | Parker Stewart, Dominic Martinez, Alex Malzone | MultiFamily | Sale

Summary

Sale

ILLINOIS

MultiFamily

The luxury multifamily development located at 14750 Wallin Drive in Plainfield, southwest of Chicago, was sold for $78.4 million in an off-market transaction. The property consists of 284 units, with a price per unit of $276,056. The seller, Wingspan Development Group, sold the complex to Continental Properties, marking a significant increase in value from the reported $60 million cost.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $78,400,000
Units: 284
PPU: $276,056
Address: 14750 Wallin Drive
Market: Plainfield

The deal was facilitated by brokers Alex Malzone, Dominic Martinez, and Parker Stewart from NorthMarq. The buyer, James Schloemer, represented Continental Properties, while the sellers were Nick Papanicholas Jr and Christopher Coleman from Wingspan Development Group. Continental Properties secured a $51 million loan from Equitable Financial Life Insurance Company of America for the acquisition.

Players

All
4

Agents
3
Agencies
1

Parker Stewart

Managing Director

$312.5M Sold

Dominic Martinez

Associate Vice President

$107.4M Sold

Alex Malzone

Senior Associate

$312.5M Sold

NorthMarq

Details

Deal Summary

SOLD

IMAGE: James Schloemer, Alex Malzone, Nick Papanicholas Jr, Parker Stewart, Christopher Coleman & Dominic Martinez DATE: 04/16/2024 ADDRESS: 14750 Wallin Drive MARKET: Plainfield ASSET TYPE: Multifamily BUYER: James Schloemer - Continental Properties (@ContinentalPropertiesCo) SELLER: Nick Papanicholas Jr & Christopher Coleman - Wingspan Development Group (@WingspanDevelopmentGroup) BROKERS: Alex Malzone (@AlexMalzone), Dominic Martinez & Parker Stewart - NorthMarq (@Northmarq) SALE PRICE: $78,400,000 UNITS: 284 ~ PPU: $276,056 NOTE: Wingspan Development Group announced the sale of its luxury multifamily development in Plainfield, southwest of Chicago, for $78.4 million in an off-market transaction to Continental Properties. Continental Properties purchased the 284-unit complex at 14750 Wallin Drive, marking a 30 percent increase in value from Wingspan's reported $60 million cost, with Continental securing a $51 million loan from Equitable Financial Life Insurance Company of America.

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Address14750 Wallin Drive

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