Marcus & Millichap Real Estate Investment Services has arranged the sale of Stone Crossing Apartments, a 258-unit apartment complex in Aurora. The asset commanded a selling price of $14.9 million, or $57,810 per unit.
Eric Bell, a senior vice president investments, and Edward Liss, an associate, both in Marcus & Millichap’s Chicago O’Hare office, represented the buyer and seller, two Chicago-area investors.
“Interest rates are currently very attractive, so we expect the new owner to realize strong cash-on-cash returns from this asset moving forward,” Bell said. “There is also an opportunity here to add value in the form of rent enhancements to match the Chicago metro’s improving suburban multifamily market; a steady trend that characterized 2012 and, though slowing slightly in 2013, shows no signs of abating.”
Located at 1240 Nantucket Road with frontage on Indian Trail Road, the 214,650-square foot property is comprised of 70 one-bedroom/one-bath units, 170 two-bedroom/one-bath units and 18 three-bedroom/one-and-one-half-bath townhome units. Amenities include laundry in each building and a grill courtyard in the C-plus asset. Tenants benefit from the enhanced privacy of a single road encircling the property.
In 2008, Stone Crossing Apartments received more than $3 million in capital improvements to the following: windows, hallways, landscaping, electrical and plumbing. The unit interiors received updated kitchens, baths and appliances.
Aurora is Illinois’ second-largest city and receives 40-mile commuter train service to downtown Chicago.
