Essex Realty Group, Inc Facilitates $11.55M Sale Of Wellington Creek Apartments In Lisle, IL

The recently closed transaction involved the sale of Wellington Creek Apartments, a 91-unit apartment complex in Lisle, IL. The property was sold for a total price of $11,550,000, resulting in a price per unit of nearly $127,000. The transaction closed in late August, with a cap rate of 5.4%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $11,550,000
• Units: 91
• Price per Unit: $126,923
• Square Footage: 72,000
• Price per Square Foot: $160
• Address: 2940 Wellington Ave, Lisle, IL
• Market: Lisle, IL

The apartment complex comprises five buildings, offering a mix of units that include three studios, 84 one-bedroom/one-bathroom units, three two-bedroom/one-bathroom units, and one three-bedroom/one-bathroom unit. At the time of the sale, the average rent was $1,051 per month. The new ownership plans to implement a comprehensive value-add strategy to renovate the units, enhance the common areas, and improve the building exteriors.

The property is located in DuPage County, which continues to attract investors due to its strong demographics, skilled workforce, and proximity to downtown Chicago. The site is situated just south of Ogden Avenue, approximately two miles from Downtown Lisle and the Metra Station. Additionally, downtown Naperville is less than four miles west of the property, further adding to its appeal.

Brian Karmowski, the Managing Director of Essex Realty Group, Inc, served as the broker for this transaction. Karmowski facilitated the sale and highlighted the desirability of DuPage County for investment, citing its strong apartment fundamentals and attractive location within the Chicagoland area.

For more information about this sale or to discuss the suburban market, interested parties can contact Essex Realty Group, Inc.