Marcus & Millichap Real Estate Investment Services recently arranged the sale of an apartment complex consisting of eight 12-unit buildings in Naperville, Ill. The asset sold to Evergreen Real Estate Services at a price of $7.5 million, which represents a cap rate on current net operating income of 7.37 percent.
Eric Bell, a senior vice presidents of investments in the Chicago office, and Edward Liss, an associate, represented the seller who had acquired the complex in pieces during the last 20 years.
“There were a number of competitive offers. The buyer who ultimately put the deal under contract and closed on the buildings acquired very attractive financing and plans on holding the property long term. There is strong demand for quality rental markets and well-constructed properties of this size,” says Eric Bell.
Built in 1986, the property known as Whispering Trails, consists of a mix of 88 two-bedroom/two-bathroom units and eight two-bedroom/one-bathroom units.
