NorthMarq Arranges St. Charles Sale to Evergreen Real Estate
NorthMarq managing director Parker Stewart, associate VP Dominic Martinez and senior associate Alex Malzone secured the sale of Haven St. Charles in St. Charles, IL for an undisclosed sum. Chicago-based Evergreen Real Estate Group acquired the 71-unit property from Tricap Residential, also based in Chicago.
Current ownership has spent roughly $1.5 million in capital improvements over the past few years upgrading the circa-1974 apartment community, which was 97% occupied at the time of sale.
“The strong location, occupancy, and lack of deferred maintenance for a 1970’s vintage asset made this an attractive opportunity to a large number of local and regional buyers,” said Stewart. “Ownership did an exceptional job executing on full interior renovations and stabilizing the revenue stream to offer a true ‘turn-key” operation for the buyer.”
NorthMarq’s Chicago debt/equity team of Kevin McCarthy, Brett Hood and Sue Blumberg secured financing for the property through Freddie Mac’s Optigo program.