Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, Ind. The $11.25 million sales price equates to $60,484 per unit.
Scott Harris, senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.
“Hampshire Park Apartments is the premier apartment community in Hobart,” says Harris. “It is a well-maintained, well-located apartment community that produces generous returns.”
Built in 1972 on just less than 20 acres, the property is located at 400 North Lake Park Ave. in Hobart adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property.
Hampshire Park Apartments consists of 46 one-bedroom/one-bath units, 104 two-bedroom/one-bath apartments, 14 two-bedroom/one-and-a-half-bath units and 22 two-bedroom/two-bath apartments. There are eight different floor plans, each with a private balcony or patio and every building has a coin-operated laundry facility and storage space for every unit. The property also has a swimming pool with sundeck and a clubhouse with multiple bar/lounge areas, a kitchen and a dining area.
Hobart, Ind. is approximately 45 minutes southeast of the Chicago Loop.
