Berkadia announced today the $8.75 million sale of Village Woods, a 96-unit garden-style multifamily property in Milan, a community in the Quad Cities area of Illinois and Iowa. Milan is on the Illinois side of the Quad Cities area.
Managing Director Ralph DePasquale, Director Parker Stewart and Senior Managing Director Alex Blagojevich of the Mid Markets Group led the transaction on behalf of the seller, Minnesota-based Dominium Inc.
Senior Managing Director Pete Benedetto secured the financing on behalf of Colorado-based Monarch Investment and Management Group. The deal closed March 31.
The sale price reflects a per-unit price of $91,000.
Village Woods was built in 1998 and features 96 upgraded units with an amenities package including a pool, fitness center and new leasing center. Located at 300 W. 20th Ave., the property affords convenient access to major highways, shopping and work centers including John Deere in the Quad Cities area of Illinois.