Lawton, O'Connell and Sean Fogarty, director with the Chicago office of Holliday Fenoglio Fowler, are marketing the property. Cornerstone is selling the site because it has held since 1989, and needs to do portfolio management, the brokers tell GlobeSt.com.
The apartment complex has one- and two-bedroom units, with 76% of the units being one-bedroom apartments, O'Connell says. The average unit size is 801 sf. The complex is currently approximately 95% occupied, Lawton says. The average market rent is $1,213 per unit, or $1.52 per sf, O'Connell tells GlobeSt.com. Lincoln Property Residential is currently the property manager for the complex, Lawton says.
The Lakes of Schaumburg "is very well amenitized," O'Connell says. The property has two clubhouses with a fitness center, business center and Wi-Fi lounges. The complex also has two outdoor heated swimming pools, O'Connell says. Other community amenities include playgrounds, mature trees, three ponds and a bike trail. Unit amenities include washers and dryers in units and dishwashers, according to information on Lincoln Property Residential's website.
The complex has undergone significant renovations with Cornerstone investing $5 million since 2005, O'Connell tells GlobeSt.com. Renovations included improvements to both the exterior and interior of the buildings, such as new countertops and cabinets, he says. The Lakes of Schaumburg is near both Interstate 90 and Interstate 290 and is also a mile from Woodfield Mall, O'Connell says. The property is also near two Metra commuter train lines and O'Hare International Airport. The complex is being offered free and clear. "There is no existing financing in place," O'Connell says.
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