Essex Realty Group, Inc. closed the sale of Bartlett Lakes Apartments, a 192-unit multifamily complex located at 561-564 Deere Park Circle in Bartlett, Illinois. Essex Realty Group was engaged on behalf of a court-appointed receiver of Northridge Holdings, Ltd. et al. to sell the property after Northridge Holdings of Addison, Illinois and related entities had been accused by the SEC of being involved in a Ponzi scheme, which included Bartlett Lakes Apartments.
The complex is comprised of four 48-unit, garden-style buildings, a swimming pool, pool house and approximately 350 parking spaces covering roughly 10 acres of land. It consists of 56 one-bedroom and 136 two-bedroom apartments. This 192-unit multifamily complex presented a value-add opportunity as the kitchens and bathrooms are all in their original 1971 condition.
Essex president Doug Imber, principal Kate Varde, and directors Clay Maxfield and Jaimie Steinher represented the receiver in this transaction.
Monument Capital, a national company based in Florida, purchased Bartlett Lake Apartments for approximately $17,800,000 which equates to $92,708 per unit. Essex managing director Brian Kochendorfer with director Brian Karmowski represented the buyer in this transaction.
“The Bartlett Lakes Apartment complex was an ideal investment for Monument Capital, who was looking to expand their suburban portfolio. They were targeting B and C Class properties with a value-add component, and Bartlett Lakes fit the bill with all 192 units featuring finishes from the 1970s. It will be exciting to see how they renovate the property,” said Kochendorfer.
