Marcus & Millichap Real Estate Investment Services has arranged the sale of two multifamily properties in Springfield, Ill. They are the 288-unit Orchard Park Apartments and 120-unit Orchard Park South Apartments. Together, the two assets sold for $18.95 million, which equates to $46,446 per unit. Occupancy at the time of the sale was 94 percent with no concessions.
James Walsh, senior vice president investments in Marcus & Millichap’s Chicago downtown office, represented the seller, the property’s developer.
David Gaines, vice president investments, also in the firm’s Chicago downtown office, and Alex Blagojevich, vice president investments in the firm’s Tampa office, led the national marketing campaign. The Chicago-area buyer is a private investor representing his family investment trust.
Rick Lynn, a director in the Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks.
“These are two of the Springfield area’s premier multifamily properties,” Walsh said. “Both are located less than three miles from downtown Springfield near public transportation, major thoroughfares, retail, employment, service centers, shopping and restaurants.”
“Our targeted marketing campaign generated 11 competitive offers, which is a significant response, considering the market size,” Gaines said.
Orchard Park Apartments features one-, two- and three-bedroom suites. The average unit size is 981 square feet and each suite has a full-size washer and dryer, spacious closets, a separate dining room and abundant storage space. Thirty-six fully furnished corporate suites cater to growing demand from local businesses. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance.
Orchard Park South is composed of two-bedroom/one-bath suites. The average unit size is 988 square feet and each suite comes with a full-size washer and dryer, spacious closets, a large amount of storage space and ample surface parking.
Both properties were built in 1986.
