DePasquale and Bill Montana, with the Chicago office of Hendricks & Partners, represented the seller in the sales transaction. The property has eight three-story apartment buildings that were constructed in 1972, in addition to a leasing office with laundry facilities that was constructed in 1997, DePasquale says. The complex has 48 one-bedroom and 48 three-bedroom units. The one-bedroom units have an average size of 640 sf and the three-bedroom units have an average size of 1,088 sf, according to marketing materials for the property.
The property had been 97% occupied in 2000, according to property marketing materials. Market rental rates are $670 for the one-bedroom units and $1,025 for the three-bedroom units.
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