Essex Realty Group has been engaged on behalf of a court-appointed receiver of Northridge Holdings, Ltd. et al. to sell the 192-unit Bartlett Lake Apartments, located in Bartlett, IL.
As reported earlier this year, Northridge Holdings of Addison, IL and related entities have been accused by the SEC of being involved in a Ponzi scheme, which included Bartlett Lakes Apartments. Essex Realty says the Bartlett Lake Apartments remain professionally managed, and there has been no negative impact on the property’s condition as a result of the alleged Ponzi scheme or appointment of the receiver.
According to Doug Imber, president of Essex and one of the brokers representing the receiver, “Although the property is fully leased, Bartlett Lakes represents one of the best value-add opportunities to come to the market this year. The property and its units are very clean, but the kitchens and baths are in their original 1971 condition.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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