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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Essex Realty Engaged by Receiver to Sell Bartlett Apartment Complex

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.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Sale/Acquisition
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