Millennium Properties has announced the sale of a 2.6 acre land site in downtown Wheaton. The listing was marketed for $5.5 million.
An entire block bounded by Cross, Scott, Front and Wesley streets, the development site is in the heart of downtown Wheaton and only two blocks from the Metra station. The site was originally slated for a condominium development, but plans now call for a 230-unit apartment complex. The condo project never began and the property was foreclosed on.
Morningside Group, based in Chicago, purchased the development site at 218 E. Wesley St. from a multi-billion dollar lending institution. Daniel J. Hyman, president of Millennium Properties, represented the seller. Marc Joseph of Levenfeld Pearlstein counseled the seller while Stephen Komonytsky of Scott & Kraus LLC served as counsel for the buyer.
The demand in the suburban apartment market has steadily increased over the past 12 months with more than a half a dozen suburban apartment complexes trading in December alone. Supported by high closing prices and cap rates, rising rents and occupancies have drawn millions of dollars into the market.
The parcel is surrounded by national retailers such as Starbuck’s, Gino’s East Pizza, Whole Foods and is one mile from the interstate. Additionally, Wheaton, home to 53,000 residents, claims more than 2,500 businesses.