Mount Prospect apartment complex sold
Marcus & Millichap, a commercial real estate investment services firm, Monday announced the sale of a 30-unit apartment property located at 353 W. Hawthorne Circle in Mt. Prospect.
Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office, said the complex sold for $2.65 million.
Comprising of five six-unit buildings, the property includes 15 one-bedroom/one-bathroom and 15 two-bedroom/one-bathroom units. Recent capital improvements include unit renovations, as well as new roofing, plumbing, tuckpointing and intercom systems. The property is located less than a mile to Interstate 90 and within walking distance of shopping centers.
Eric P. Bell and Christopher J. Malay, investment specialists in Marcus & Millichap's Chicago Oak Brook office, secured and represented the buyer, a private investor who is a repeat client of the firm and purchased the asset through a 1031 exchange.
With more than 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed more than 9,000 transactions in 2017 with a value of approximately $42.2 billion.