Has the Apartment Real Estate Market Changed Forever?

The Health Crisis has structurally changed life in America and many facets of the multifamily investment market. But will the changes continue once a medical solution stems from the life-or-death risks of the pandemic? Will things return to normal or has the definition of normal been rewritten?

  • Metros that have gained and lost because of the pandemic
  • Why suburban apartments have outperformed and what that means for investors
  • The role public policies like stimulus and eviction moratoriums will play
  • How apartment pricing, distress, and the transaction market will evolve

General Information

  • Wednesday, December 9, 2020
  • 1:00 p.m. Pacific/4:00 p.m. Eastern
  • 60-Minute Live Video Webcast 
  • REGISTER NOW

 

Hosted by

  • John S. Sebree, Senior Vice President, Multifamily Division

 

Featuring  

  • Diane Batayeh, Chief Executive Officer, Village Green
  • Bob Nicolls, Chief Executive Officer, Monarch
  • John Chang, Senior Vice President, Research Services

 

2149-2151 W 119th St Blue Island, IL 

 SOLD!

Investment Highlights

  • Fully Occupied Ten Unit Multifamily Offering
  • Value-Add Investment Opportunity, Below Market Rents
  • Month-to-Month Lease Offering Flexibility to Renew, Re-let, Renovate
  • Off-Street Parking, Storage and Laundry Facility

Map Overview

 

Investment Overview

Marcus and Millichap is pleased to present to market this fully occupied 10-unit value-add multifamily offering in Blue Island, Illinois, a southern suburb of Chicago. The property consists of two adjacent 5-unit brick apartment buildings each containing four one-bedroom units and one two-bedroom unit. Amenities include off-street parking, storage units, and on-site laundry in each building.

Each unit has written month-to-month leases offering the flexibility to retain these tenants, renew or renovate and release at higher market rents as each unit is approximately $150 below current market rent for the area.

The property is located approximately 16 miles south of Chicago’s Loop two blocks from the 119th St Metra Station, 119th Street & Vincennes Bus Stop, and two-minutes from Interstate 57.

 

 

 

 

 

A Turning Point or Shifting Currents?
Navigating Markets and Leading Through Change

Featuring

Host:

Hessam Nadji

Hessam Nadji
President & CEO
Marcus & Millichap

 

Panelists:

Doug Bibby

Doug Bibby
President
NMHC

 

 

Tom Bisacquino

Tom Bisacquino
President & CEO
NAIOP

 

 

Wendy Mann

Wendy Mann
CEO
CREW Network

 

 

Tom McGee

Tom McGee
President & CEO
ICSC
Cut through the headlines with forward-looking insights on adapting to a rapidly evolving world. Join us for a one-hour webcast featuring Marcus & Millichap CEO’s latest market overview followed by:

  • Real Estate in the Post-Pandemic World: Cyclical Recovery vs. Structural Changes
  • Current and Near-Term Asset Performance: Rents, Occupancies, Distress, and Investment Strategy
  • Leadership: The Human and Psychological Sides of the Health and Economic Crises
  • Elections, Public Policy, Stimulus: What to Expect and the Path for Coming Together
Thursday, October 15, 2020
1:00 p.m. Pacific/4:00 p.m. Eastern

REGISTER FOR WEBINAR

call for offers Due: Wednesday 10/7/2020

 

 

 

Victorian Apartments

800-834 Victoria Dr. Montgomery, IL 60538

Listing Price: $14,500,000

Cap Rate 6.38%
Number of Units 152
GRM 8.30
Occupancy 96%
Price/Unit $95395
Price/Gross SF $135.14
Gross SF 107200

View Listing Documents

Investment Highlights

  • 152 Unit Suburban Multifamily Property
  • 32 Studios, 72 One-Bedrooms & 48 Two-Bedrooms
  • Clubhouse with Office, Laundry Facilities, Fitness Area, Outdoor Pool, and Courtyard
  • Located in Montgomery Illinois | 40 Miles Southwest of Downtown Chicago
  • Many Upgraded Kitchens and Baths
  • Tenant Paid Electric Baseboard Heat
  • Value-add component, upside in rents

Map Overview

Investment Overview

Marcus & Millichap is proud to present to market Victorian Apartments, a 152-unit apartment community located in west suburban Montgomery, Illinois bordering Kendall County to the South, the fastest growing county in Illinois, and the City of Aurora, IL to the East, the second-largest city in Illinois. The subject property is approximately 40 miles southwest of downtown Chicago.

Victorian Apartments consists of 16 two and three-story apartment buildings and clubhouse spread out over almost 10 acres; offering 32 large studios, 72 one-bedrooms, and 48 two-bedroom apartment homes.​​​ Community amenities include a clubhouse, an on-site management office, laundry facilities, a fitness area, an outdoor pool, a central courtyard area with a playground, and ample off-street parking.​​​

Each unit has separately metered, tenant paid, low maintenance, electric baseboard heating, and ac sleeve units.​​​ Approximately 60 percent of units have recently updated kitchens & baths as well as other capital improvement made including new windows, parking lot repairs, replacement of all deck footings & supports an updated intercom system with integrated Alexa. Roofs are in good condition approximately 10-12 years old.

There is investor upside in this multifamily offering through the continued renewal and releasing of under-market rents. Further upside may also be realized in future years from job growth and economic development in the area through the redevelopment of the recently sold 350-acre former Caterpillar manufacturing complex minutes from the property.

 

 

 

 

 

AURORA, IL, October 10, 2019 –  Marcus & Millichap (NYSE: MMI) , a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of  a 12-unit apartment property located in Aurora, Ill, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $785,000.

Randolph Taylor, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, an individual/personal trust, was also secured and represented by Randolph Taylor.

The property is located at 557-559 Ashland Ave in Aurora, Ill and is a twelve-unit multifamily property consisting of all two-bedroom two-bath units on the Southside of Aurora bordering Montgomery, Ill. The property was fully occupied at the time of the sale. This is an example of the effectiveness of the Marcus & Millichap platform moving capital across the country, as an outstate Seattle, WA buyer was able to realize greater returns in the Midwest, specifically in the suburban Chicago market, versus their local market. Continue reading “MARCUS & MILLICHAP ARRANGES THE SALE OF AN AURORA, ILL APARTMENT BUILDING”

Low Unemployment Fuels Housing Demand, Favors Apartments

Employment: MARCH 2019

Low Unemployment Fuels Housing Demand, Favors Apartments

Continue reading “Low Unemployment Fuels Housing Demand, Favors Apartments”