The buyer and seller, St. Charles Apartments LLC, were represented by Rich Artman, VP and managing broker, and Heather Devermann, senior commercial specialist with Inland Real Estate Brokerage. "The seller is leaving the real estate business to focus on other activities," Artman tells GlobeSt.com. The former owner purchased the property, which was built in 1971, more than a decade ago.
"It's an affluent area, close to the Randall Road shopping corridor and downtown St. Charles, which a lot of people think is very quaint," Artman says. "It's that kind of old-town community that people are flocking to right now. It's a community that has long been sought after, and a premiere address."
Each unit has a balcony or patio, and the building offers tenants a swimming pool and sun deck and professionally landscaped grounds. Rental rates in the building range from $750 to $1,050 a month. The property is near Route 64.
"It's a desirable place to own," Artman says. "Because of its location in St. Charles and historically-high occupancy rate, it makes good sense for any apartment owner to purchase an asset like this. Kinzie plans to do rehab in each unit to maximize return with an eye toward optimizing rent income." Artman says Kinzie will renovate units on an individual basis as they become vacant in the coming years.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
