Berkadia facilitated the sale of Hawthorn Estates, located at 1919 Prairie Square in Schaumburg, Illinois. Ralph DePasquale, Alex Blagojevich and Parker Stewart of the Chicago office negotiated the transaction on behalf of Chicago-based seller, Bender Companies. An affiliate of Elmhurst, Illinois-based Lawton Realty Group, Inc. purchased the multifamily property for $5,798,000.
The sale included 63 out of 219 total units built in 1972. The property contains two masonry-constructed buildings which have a total unit mix comprised of 27 one-bedroom units and 36 two-bedroom units. The seller had already begun upgrading some units with stainless steel appliances, vinyl-plank flooring, new lighting and quartz countertops. Bounded by a community lake, further resident amenities include a pool, laundry facility, well-manicured landscaping and extra storage space.
“Lack of control over the remaining units can sometimes present a challenge with bulk condominium sales,” said Stewart. “While this transaction consisted of roughly 30 percent of the entire unit count at the complex, the asset offers an exceptional location and a proven value-add component to the 100 percent leased units. These factors greatly contributed to the amount of interest we were able to generate for the opportunity.”