Marcus & Millichap announced the sale of Heartland Village Apartments, a 144-unit apartment property located in Normal, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $9,250,000.
Eric P. Bell, senior managing director investments, with the assistance of team member Jordan Callaway, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. Bell also represented the out-of-state buyer.
Heartland Village Apartments is located at 1710-1791 Putnam Avenue, less than one-half mile from Heartland Community College and under two miles from Illinois State University. This 144-unit, 288-bedroom student housing property was constructed in 2007 and consists of all large two-bedroom/one-and-three-quarter-bathroom units.
The fully-furnished units feature in-unit laundry and kitchens with a breakfast bar. Tenants enjoy access to a clubhouse, fitness center, outdoor pool and on-site parking. Located just on-half mile from Interstate 55, the property allows for easy access to travel to Chicago, Springfield, Illinois and St. Louis.