Andrew O’Connell and Anthony Spangler of Horvath & Tremblay completed the sale of the Burbank Manor Apartments in Burbank, Illinois. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $14,637,000.
The Burbank Manor Apartments is a 173-unit garden-style apartment complex located at 97 Pinehurst Court in Burbank, Illinois. The property consists of one- and two-bedroom units in 27 single-story buildings spread over 6.31 acres of land.
The apartment complex is currently operated as housing for seniors with 90 percent of the tenants qualifying for the “55 and older” tax exemption. The property was sold by the original owners who purchased the land, developed, constructed and managed the property since inception in 1983. New ownership has retained the staff and intends to maintain the friendly atmosphere with the professional standards that the original owners set forth.
The property provides access to shuttle service for residents to and from doctors, hospitals and senior activity centers. The individual unit entry doors with no common hallways makes the property an attractive residence for seniors especially during the challenges posed by COVID-19. This transaction was a home run for both the original owners and new ownership that inherits an excellent property with established staff and tenant relations.
The Burbank Manor Apartments are situated on a professionally manicured property that has been well maintained and offers its residents a variety of amenities including individual, secured outside entries, balconies, in-unit washers and dryers and convenient on-site parking with 300 tenant spaces. The buildings are of brick construction, and the units are separately metered for electricity, heat and hot water.
The property enjoys close proximity to area shopping and amenities along Harlem and Cicero Avenues and has excellent accessibility to downtown Chicago via I-55. The property also benefits from strong area demographics, over 175,000 people live within a 3-mile radius of the property with an average household income of $81,294.
