Marcus & Millichap announced the sale of Riverwood Apartment Homes, a 354-unit apartment complex in Lansing, Illinois. The $23 million sales price equates to $65,000 per unit.
Eric Bell, senior vice president investments in Marcus & Millichap’s Chicago O’Hare office, represented the seller and procured the buyer, who was required to assume existing debt.
Built in 1974 at 3649 173rd Court in Lansing, the apartment complex is less than one mile from interstates 80, 94 and 294, and approximately 30 miles south of downtown Chicago.
The property is served by Pace, the Chicago metropolitan area’s suburban bus division, South Shore commuter trains in nearby Hegewisch, and Metra commuter rail trains in Homewood. Lansing also has its own municipal airport.
