Elmhurst Terrace Apartments, owned by Horizon Realty Group, has been listed for sale by Chicago-based KIG CRE. The 315-unit, institutional-grade asset was listed unpriced, will sell for upwards of $50 million, according to KIG CRE.
“This is the first institutional-grade asset to hit the market in Elmhurst,” Susan Tjarksen, KIG CRE’s Principal and Managing Broker said in a statement. “The last sale of a building larger than 100 units was when Horizon Realty Group originally bought Elmhurst Terrace in 2001.”
Currently, the property is 89 percent leased and has a mix of studio, convertible, one-bedroom and two-bedroom units. The building offers residents a fitness center, laundry facilities, barbecue and picnic area, covered parking, package receiving and on-site management. Units feature generous floor plans, hardwood floors and spacious closets.
“This is a rare value-add investment opportunity because there are only three market-rate properties in Elmhurst with over 100 units.” Todd Stofflet, Managing Partner at KIG CRE said in a statement.