Marcus & Millichap closed the sale of Arrowhead Apartments, a 200-unit apartment property in Palatine, Illinois.
Scott Harris, senior managing director investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a joint venture with Hispanic Housing Development Corporation as the managing partner, and procured the buyer, Artisan Capital Group in partnership with Eastham Capital who completed their fifth transaction together.
The property is close to Illinois Route 53, a short drive from commuter rail service at Palatine station, and less than 20 miles from Chicago O’Hare International Airport. Residents can walk to shopping at Plaza La Rosita, and the Park Place Shopping Center is nearby. Harper College and the College of Lake County’s Southlake Campus are within proximity. Weber-Stephen Products, maker of Weber grills, is headquartered in Palatine.
Arrowhead Apartments is a two- and three-story garden-style property with an updated outdoor swimming pool, updated clubhouse, children’s play area, and dog park. Apartments have custom cabinetry and new light fixtures, vanities, sinks, and faucets. The average unit size is 867 square feet.
