Marcus & Millichap completed the sale of Mallard Point Apartments, a 173-unit multifamily asset in Channahon, Illinois. The property sold for $24.62 million, which equates to $142,341 per unit.

“The closing followed a highly competitive marketing process that generated more than 30 offers,” said Scott Harris, senior managing director of investments in Marcus & Millichap’s Chicago Oak Brook office. “Located in one of the fastest-growing counties in Illinois, the property was 99% occupied at the time of the sale.”

Harris and Sam McCarthy of Marcus & Millichap represented Loboda Properties, the California-based family office that acquired the asset and assumed the existing HUD loan. “This transaction underscores the depth of investor demand for well-located, stabilized multifamily assets with existing cash flow and operational upside,” said McCarthy.

The property is 50 miles southwest of Downtown Chicago near the intersection of Interstate 55 and Interstate 80. Mallard Point Apartments is a 13-building, garden-style community built in 2003 on 22 acres. The unit mix of one- and two-bedroom apartments averages nearly 1,000 square feet.