Inland Real Estate Commercial Brokerage, Inc. announced the sale of a six-unit residential property in Palatine, Illinois. The multifamily property, located at 1551 N. Winslowe Drive in the Palatine Square Apartment Complex, sold for $590,000.
Paul Montes and Eric Spiess, senior vice presidents of Inland Commercial Brokerage, facilitated the transaction on behalf of the seller. The property is comprised of five two-bedroom/one-bathroom units and a single one-bedroom/one-bathroom unit. Each features a private balcony or patio and an on-site laundry facility. A private investor purchased the property as a value-add opportunity.
“The property’s owner was looking to retire, offering the buyer an opportunity to secure their first multifamily investment,” said Spiess. “Palatine Square’s strategic location, with an abundance of nearby shopping and dining, drives demand and ensures minimal turnover and vacancy.”
Palatine Square’s proximity to Dundee and Rand Road offers convenient access to Route 53, O’Hare International Airport and a number of recreational parks and golf courses. The complex is minutes from a commercial thoroughfare, with restaurants and national retailers including Walmart, Home Depot, TJ Maxx and Home Goods.