(Read more on the multifamily market.)
DUNLAP, IL-Dunlap Apartments LLC, based in Green Bay, WI, has acquired the Knoxville Pointe Apartments at 1700 W. Hickory Grove Rd. The apartment complex has 218 units. The sales price was $15.7 million, or about $72,064 per unit.
Jim Walsh, Shaun Buss and Sean Lyons, all with Marcus & Millichap Real Estate Investment Services, represented both the buyer and the seller. The cap rate was nearly 6.7%, says Walsh, VP of investments and senior director of the firm's National Multi Housing Group.
The seller was Chicago-based Knoxville Partners LLC, which was selling it because "the property was constructed to be sold," Walsh says. Dunlap acquired the property for an investment fund, he says.
The property, in the Peoria submarket, has 13 two-story buildings with a total of 220,012 sf on 15 acres. The first phase of the development, Knox-East, was constructed in 2001 and has 46 one-bedroom and 106 two-bedroom units. The second phase of the development, Knox-West, was constructed in 2005 and has 18 one-bedroom units and 48 two-bedroom units. At the time of closing, the occupancy rate was 99% without concessions, Walsh tells GlobeSt.com. The complex has a fitness center, clubhouse and outdoor pool in addition to 77 private garages. The average rental rate at the time of closing was $747 and the average unit size is about 1,010 sf, he says.
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