Essex Realty Group, Inc. Managing Director Brian Karmowski, recently facilitated the sale of Wellington Creek Apartments, a 91-unit apartment complex in Lisle, Illinois. The property closed in late August for $11,550,000, reflecting a price per unit of nearly $127,000 and a cap rate of 5.4% at closing.
The five-building complex is comprised of (3) studios, (84) one bedroom/one bathroom, (3) two bedroom/one bathroom and (1) three bedroom/one bathroom unit. The average rent at the time of sale was $1,051. New ownership intends to launch a comprehensive value-add plan to rehab units, improve common areas and enhance building exteriors.
The nearly six-acre site is situated just south of Ogden Avenue roughly two miles from Downtown Lisle and the Metra Station. Additionally, Downtown Naperville is located less than four miles from the property.