Arora Investment Group has acquired two 12-unit apartment buildings in Riverdale, Illinois. The properties, located across the street from each other at 14044 and 14101 S. School Street, traded for a combined total of approximately $300,000.00, or $12,500.00 per unit. Adam Fortino, a multifamily specialist in Marcus & Millichap’s Chicago-Oakbrook office, facilitated the deal.
The three-story buildings are comprised of 11 one-bedroom/one-bathroom units and 13 two-bedroom/one-bathroom units, ranging from 650 to 750 square feet and totaling 17,000 square feet between the two structures. Sonny Arora and Kevin Arora, principles of Arora Investment Group, will oversee management the properties through their sister company, The Hazur Group.
The buildings include on-site laundry, common areas and parking lots. The Aroras plan to remodel the properties’ exteriors and interiors and to purchase more buildings in the same area.