KENOSHA, WI—There have been some signs that the market for multi-family properties has softened a bit, but for the most part, good properties in solid urban cores like the Chicago metro area still quickly attract investors. Oak Brook, IL-based Inland Real Estate Brokerage & Auctions, Inc., for example, just completed the successful sale and closing of Villa Royale Apartments, a 184-unit multi-family investment property located about 50 miles north of Chicago along Washington Rd. in northwest Kenosha, WI, for $17 million.

Paul Rogers, president, and Richard Kehoe, a Wisconsin broker and senior vice president, of Inland Brokerage & Auctions, represented the seller, Villa Royale Apartments, LLC, an out-of-state operator of multi-family properties throughout the US.

“Once we initiated our marketing campaign and began to call contacts from our proprietary database of multi-family investors, we had immediate action and interest for the property,” says Kehoe. “We fielded the various offers based upon CAP rate purchase price as well as qualifications to buy and close.” Rogers adds, “the property went under contract within 60 days, following our receipt of more than 10 offers to purchase from prospective buyers from across the country.”