Matanky Realty Group announced the sale of a 56-unit, value-add apartment complex in Wheeling, Illinois. NS Properties, LLC, a private, local investor who owns hundreds of units across Chicagoland, acquired the asset for an undisclosed price.
Senior vice president, Terri Cox, and senior broker, Zach Slagle, represented the seller in the disposition of 515-519 S. Milwaukee Avenue. Located in the northwest suburbs of Chicago, River Trail Apartments is a value-add investment opportunity at the south end of Wheeling’s “Restaurant Row,” and north of the Chicago Executive Airport.
Matanky Realty Group generated numerous offers, but the narrow buyer pool, competing interests and a recent substantial increase in north suburban Cook County tax assessments provided a challenge. Though substantial capital is required, Slagle and Cox were able to convey achievable market rents by showcasing the strength of this submarket. The buyer is eager to reposition the asset to better meet the needs of the community and maximize value.
“There are sizeable risks with any major redevelopment,” said Slagle. “Terri and I pushed the value-add message and with that, we were able to find a buyer.”