Northmarq completes sale and financing of 374-unit multifamily property in Bolingbrook, Illinois
CHICAGO (Dec. 21, 2023) — Northmarq’s St. Louis Multifamily Investment Sales team of Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb has completed the sale of The Meadows at River Run in the southwest suburbs of Chicago. The 374-unit multifamily property was built in 2001 and is located at 350 Whitewater Dr. in Bolingbrook, Illinois. Northmarq represented the seller, a Philadelphia-based private investor; the buyer was a Wisconsin-based private investor.
Brett Hood managing director of Northmarq’s Chicago Debt + Equity office, secured the acquisition loan. Northmarq arranged the permanent fixed rate loan for the borrower through its status as an Optigo Freddie Mac lender.
"Our team is excited to close on one of the largest sales in Illinois this year, especially given the challenging transaction environment," said Malzone. “Given the value-add potential and exceptional location along the I-55 corridor, this opportunity received tremendous interest from buyers all across the country.
Situated in one of the most desirable suburbs of Chicago, The Meadows at River Run offers convenience and thoughtful features and amenities. The property is located near major thoroughfares, I-290 and I-55, and the best shopping and dining Bolingbrook offers. The pet-friendly community boasts high-performing schools and beautiful parks, including the Hidden Oaks Conservation Area and Nature Center within an 11-minute walk. Residents can choose from one-, two- and three-bedroom floorplans with exterior storage, private patios and balconies and hardwood-style flooring.
Apartment amenities include: Walk-in closets, cozy fireplaces, stainless steel appliances, in-home washer/dryer, plush carpet, vaulted ceiling and garage parking. Community amenities include: Resort-style swimming pool with sundeck, fitness center, off-leash dog park, community clubhouse, walking trails and professional on-site maintenance and management teams.
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