Marcus & Millichap brokered sale of Mallard Point Apartments, a 173-unit multifamily asset in Channahon, Illinois. The property sold for $24,625,000, which equates to $142,341 per unit.
Scott Harris and Sam McCarthy of Marcus & Millichap represented Loboda Properties, the California-based family office that acquired the asset and assumed the existing HUD loan. “This transaction underscores the depth of investor demand for well-located, stabilized multifamily assets with existing cash flow and operational upside,” said McCarthy.
The property is 50 miles southwest of Downtown Chicago near the intersection of Interstate 55 and Interstate 80. Trader Joe’s, Grainger, Macy’s, Amazon, and Target all have distribution centers in the area. Commuter rail service is a short drive from the property in Joliet and shopping is nearby at Heartland Crossing and Minooka Plaza.
Mallard Point Apartments is a 13-building, garden-style community built in 2003 on 22 acres. The unit mix of one- and two-bedroom apartments averages nearly 1,000 square feet. All units have full-size washers and dryers, soaking bathtubs, and walk-in closets. Select units have gas fireplaces. Community amenities include a clubhouse, fitness center, business center, heated outdoor swimming pool, and sand volleyball court.
