Updated Aug 7, 2026
SOLDMultiFamily
Bob Flannery Of Banner Real Estate Group Acquires Multifamily Asset For $78 Million
464 Glenwood Avenue & 1941 North Orleans Street
$78,000,000
Units
302
Asset Type
MultiFamily
Closing
Aug 5, 2026
About this deal
AI
The transaction involved the sale of multifamily properties located at 464 Glenwood Avenue & 1941 North Orleans Street in Glen Ellyn & McHenry, IL. The properties include 302 units with a sale price of $78,000,000, resulting in a price per unit of $258,278.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Units: 302
- Buyer: Bob Flannery - Banner Real Estate Group
- Seller: Tim Healy - Holladay Properties; Danny Wirtz - Wirtz Corporation; Woodlake Properties
This deal highlights the roles of key individuals in the transaction. Bob Flannery acted as the representative for Banner Real Estate Group, while Tim Healy and Danny Wirtz represented their respective companies, Holladay Properties and Wirtz Corporation. The transaction illustrates the increasing momentum in Chicago's suburban multifamily market.
On the Map
$78,000,000
MultiFamily
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Players
Mechanicsville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93