IMAGE: Brian Karmowski
ADDRESS: 2940 Wellington Ave
MARKET: Lisle, IL
ASSET TYPE: Multifamily
BROKER: Brian Karmowski - Essex Realty Group, Inc (@EssexRealtyGroupInc)
SALE PRICE: $11,550,000
UNITS: 91 ~ PPU: $126,923
SF: 72,000 ~ PPSF: $160
NOTE FROM BROKER: CHICAGO, ILLINOIS – Essex Realty Group, Inc. (@EssexRealtyGroupInc) Managing Director, Brian Karmowski, recently facilitated the sale of Wellington Creek Apartments, a 91-unit apartment complex in Lisle, IL. The property closed in late August for $11,550,000, reflecting a price per unit of nearly $127,000 and a cap rate of 5.4% at closing.
The five-building complex is comprised of (3) studios, (84) 1bd/1ba, (3) 2bd/1ba and (1) 3bd/1ba unit. The average rent at the time of sale was $1,051. New ownership intends to launch a comprehensive value-add plan to rehab units, improve common areas and enhance building exteriors.
“DuPage County continues to attract investors both locally and across the country. The County’s strong demographics, skilled workforce and proximity to downtown Chicago all contribute to strong apartment fundamentals, making DuPage one of the more desirable counties in the Chicagoland area for investment.” adds Karmowski.
The nearly 6-acre site is situated just south of Ogden Avenue roughly two miles from Downtown Lisle and the Metra Station. Additionally, downtown Naperville is located less than four miles west of the Subject Property. Contact Essex (@EssexRealtyGroupInc) today for any questions regarding this sale, or to discuss the suburban market
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