Greenstone Partners closed a $12,558,000 multifamily transaction involving the Hickory Oaks Apartment Complex in Lansing, Illinois. Greenstone Partners Senior Director Michael Duckler represented both the buyer and seller in the transaction.
The 138-unit property traded for approximately $91,000 per unit and presented a significant value-add opportunity, with in-place rents approximately 25% below market. The buyer is positioned to leverage its established local presence and experienced management platform to accelerate stabilization and unlock additional value within the asset.
Located approximately 25 miles south of Downtown Chicago, Hickory Oaks Apartment Complex consists of eight three-story, garden-style brick buildings across approximately three landscaped acres. The community features 84 two-bedroom units, 52 one-bedroom units, and two studio units, offering a diverse mix of in-demand floor plans.
The property also benefits from convenient access to I-80, I-94, and I-294, providing residents with connectivity to major employment centers throughout Chicago, the Southland, and Northwest Indiana.
The buyer, SpringView Investments, led by Harold Willig, has an established presence throughout Chicago’s Southland and a long track record of investing in and managing residential properties in stable communities. The acquisition of Hickory Oaks represents a significant addition to SpringView’s growing multifamily portfolio and reflects its continued focus on identifying well-located properties with opportunities for long-term value creation.
