Northmarq’s Midwest Investment Sales team brokers sale of luxury multifamily property in Plainfield, IL

CHICAGO (April 17, 2024) — Northmarq’s Midwest Multifamily Investment Sales team of Alex Malzone, Parker Stewart, Dominic Martinez, and Jake Lamb has completed the sale of Sixteen30, a 284-unit multifamily property in the southwest suburbs of Chicago. The luxury garden-style apartments were delivered in 2021 and are located at 14750 Wallin Dr. in Plainfield, Ill.

Northmarq represented the seller, Wingspan Development Group, an Illinois-based developer, and the buyer was Continental Properties, a Wisconsin-based private investor and operator of multifamily apartment communities.

“Our team is extremely excited for both the seller and buyer as this was a great execution in a volatile transaction market,” said Malzone. “Wingspan Development built a much-needed luxury product in Plainfield with large floorplans and high-end amenities. We’re seeing a strong flight-to-quality for apartment communities across the Midwest; Sixteen30 serving as Continental’s first acquisition for their new Opportunities Fund echoes this sentiment.”

“The quality of the asset, and Plainfield's dynamic fundamentals will allow new ownership to take advantage of the long-term growth potential Sixteen30 offered. We continue to see a strong investment appetite for well-located, luxury communities across the Midwest and this transaction demonstrates a real time indication of that,” said Stewart.

Ideally situated near downtown Plainfield, in the southwest suburbs of Chicago, Sixteen30 offers a highly desirable location within a 10-minute walk to dining, shopping and recreation. The property is just a half-mile from the new PACE bus facility on Van Dyke Road, offering an easy commute to and from Chicago.

The luxury pet-friendly community offers studio, one-, two- and three-bedroom apartment homes with stainless steel appliances, in-unit washer and dryer, quartz countertops and scenic views. Residents at Sixteen30 enjoy an array of community amenities including a resort-style swimming pool, large clubhouse, keyless entry, package room, fitness center and yoga studio, bark park and more.