Colliers’ Tyler Hague and Lauren Stoliar represented Pepper Pike Capital Partners in the sale of Mount Prospect Greens, a 344-unit, multifamily property located in Mt. Prospect to Bayshore Properties Inc. for an undisclosed price.
Built in 1973, Mount Prospect Greens features a mix of one-, two- and three-bedroom units. There are 156 (45%) newly renovated apartments featuring granite and/or quartz countertops, high-end cabinets and stainless steel appliances. The remaining units are untouched and provide a clear path to enhanced value for the new ownership team.
The property offers tenants an attractive, suburban location nestled among vibrant amenities and major employers. A commuter location to Chicago, the property provides residents convenient access to key transportation arteries including I-90, I-290, and I-294. O’Hare International Airport is nearby.
Mount Prospect Greens is currently positioned at the lower end of its competitive set in terms of dollar per unit and price per square foot. The property attracts a diverse renter base, and taps into strong demand for more affordable options than can be found in communities closer to downtown Chicago. Demand for upgraded Class-B housing is illustrated by income and rent growth. Income is projected to grow more than 10% in the next five years within a three-mile radius of the property while Class-B rents in North Cook County grew 43% between 2015 and 2020.