Inland Real Estate Brokerage & Auctions Inc. has completed the sale and closing of Villa Royale Apartments, a 184-unit multifamily investment property located along Washington Road in northwest Kenosha, Wis., for $17 million.
Paul Rogers, president, and Richard Kehoe, Wisconsin broker and senior vice president, of Inland Brokerage & Auctions, represented the seller, Villa Royale Apartments LLC, an out-of-state operator of multifamily properties throughout the U.S.
“Once we initiated our marketing campaign and began to call contacts from our proprietary database of multifamily investors, we had immediate action and interest for the property,” Kehoe said.
“We fielded the various offers based upon CAP rate purchase price as well as qualifications to buy and close.” Rogers said. “The property went under contract within 60 days, following our receipt of more than 10 offers to purchase from prospective buyers from across the country.”
Rogers and Kehoe also secured the buyer for the property, a Chicago-based investor and multifamily owner operator.
The property, built in 2001, sits on a 22-acre site and consists of 10 buildings with 184 two-bedroom/two-bath 1,400-square-foot units. The property maintains high occupancy given its excellent physical condition and amenity-rich campus setting that features a clubhouse, swimming pool, fitness center, walking paths and tennis courts.
