Bender Cos. Acquires Property At 316 W 34th St Steger For $69.5 Million With JLL's Kyle Butler And David Gaines
SOLD
$69,500,000
Illinois
See Similar DealsMultiFamily
SOLD
Bender Cos. Acquires Property At 316 W 34th St Steger For $69.5 Million With JLL's Kyle Butler And David Gaines
316 West 34th Street
See Similar DealsMultiFamily
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The New Colonies, located at 316 W 34th St, Steger, IL, 60475, has been sold for $69,500,000. The property is a garden-style apartment community constructed in 1973, featuring a total of 672 units, with each unit averaging 676 square feet. The amenities offered include a pool, dog park, fitness center, and a community clubhouse with a business center. The market for the property is Steger, situated about 35 miles south of downtown Chicago.
Summary of transaction details:
- Property Type: Apartment Community
- Transaction Amount: $69,500,000.00
- Address: 316 W 34th St, Steger, IL, 60475
- Market: Steger
- Seller's Representative: Kyle Butler, David Gaines - JLL
- Buyer: Bender Cos.
The deal was facilitated by JLL Capital Markets, with David Gaines and Kyle Butler representing the seller, CiTYR, in the transaction. Bender Cos. acted as the buyer in this closed deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,706,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$246,918.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$329,465.46
Annual Debt Service$3,953,585.49
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