Marcus & Millichap Real Estate Investment Services has received the exclusive listing for Willow Creek Estates, a 342-unit apartment complex in Portage, approximately 30 miles southeast of Chicago. The listing price of $25,850,000 represents $75,585 per unit and $77 per square foot.
Scott Harris, a senior vice president investments, and Kyle Shoemaker, a multifamily property investment specialist, both in the Oak Brook office of Marcus & Millichap, are representing the seller, a private investment group.
The 335,448-square foot property is located at 5990 Wonderland Drive in Portage. Portage serves as a bedroom community for the region’s large steel-producing companies. Direct public transportation to Chicago is available via theSouthShoretrain line.
Willow Creek Estates is a three-phase apartment complex. The first phase, called Willow Creek Estates South, consists of 130 units. This section of the property was constructed in the mid-1970s and was substantially rehabbed in 2001. The second phase, called Sundance, was constructed in the early 1980s and consists of 72 units. Sundance underwent substantial exterior rehabilitation in 2009 and 2010. The third phase of the property is called The Reserve at Willowcreek Estates. This phase consists of 140 units completed in 2008.
