Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Wheeling Apartments Trade for Repositioning
Matanky Realty Group’s Terri Cox and Zach Slagle completed the sale of 515-519 S. Milwaukee Ave., a 56-unit, value-add apartment complex in the northern suburb of Wheeling, IL. Deal terms weren’t disclosed.
Slagle and Cox sold the property to NS Properties, LLC, a private, local investor which owns hundreds of units across Chicagoland. The buyer plans a repositioning of the property.
Although Matanky generated numerous offers, finalizing the transaction was a challenge. The narrow buyer pool, competing interests and a recent substantial increase in north suburban Cook County tax assessments all were factors.
“There are sizeable risks with any major redevelopment,” said Slagle. “Terri and I pushed the value-add message and with that, we were able to find a buyer.”
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
