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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.
- ◦Sale/Acquisition
