Apartment Investment Advisers (AIA) recently closed the sale of a 10-building, 136-unit apartment portfolio in south suburban Riverdale, Illinois, commonly known as the Eagles View Apartments. The portfolio sold for $1,518,000 or $11,162 per unit, which reflected the distressed condition of the properties.
The market has seen a declining number of distressed apartment offerings over the last decade since the downturn began in 2009 and has since recovered. The investors focused on acquiring distressed assets are having to modify their acquisition criteria to both expand their target areas and accept smaller deal sizes.
“The attraction to this offering from investors near and far was simply the 100+ unit scale and the low per-unit price point,” said Jack Cassin of AIA, who was the broker that handled the marketing and sale. The seller and buyer were not disclosed..
AIA is currently marketing the court-ordered and distressed sale of the 11-story, 28-unit apartment building located at 7250 S. South Shore Drive in the South Shore neighborhood of Chicago for $1,399,000. Though the building is completely vacant and in need of extensive rehab, all 28 apartments have lake views, making for another increasingly rare value-add opportunity.