Two-Property Apartment Portfolio Goes for $27M in Yorkville
Parker Stewart, managing director, and Alex Malzone, associate VP of Northmarq’s Chicago/St. Louis investment sales team, brokered the sale of a two-property, $27-million multifamily portfolio in Yorkville, within Illinois’ Kendall County.
The adjacent properties, York Meadow and Yorkville Apartments, have a total of 164 units. Northmarq represented the seller, who was a long-term owner/operator for both properties.
“This portfolio was very attractive to local, regional, and national investors due to the continued growth in Kendall County and that both properties were owned and self-managed for more than 35 years,” said Malzone. “Our team is excited that we could execute this transaction with an East Coast-based buyer, despite the volatility of the current capital markets.”
The 92-unit York Meadow dates from 2003, while the 72-unit Yorkville Apartments was built in 1977. Both properties offer value-add opportunities, according to Northmarq.
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 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 GlobeSt.com 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.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!