Northmarq arranges combined $67.25M sales of 2 multifamily apartments in Lombard and Naperville, IL
Photo credit: Northmarq
CHICAGO — Northmarq's Midwest Investment Sales team of Parker Stewart, Dominic Martinez, Alex Malzone, and Jake Lamb successfully led the sale of two Chicagoland multifamily apartment communities totaling $67.25 million.
The properties include Westmore Apartments — a 230-unit garden apartment located at 1049 S. Westmore-Meyers Rd. in Lombard, Illinois — and Whispering Trails — a 120-unit garden apartment located at 103 S. Testa Dr. in Naperville, Illinois.
Northmarq represented the seller, Axiom Properties Inc., for both properties. B & A Property Group, LLC bought Westmore Apartments for $46 million. FPA Multifamily purchased Whispering Trails for $21.25 million.
"The strong interest we saw across both properties reflects the long-term upside of these assets and the quality of their locations within DuPage County,” Stewart said.
“Although they were sold to different buyers, the properties were brought to the market as a portfolio which received 22 written offers,” Malzone said. “Investors from across the country remain interested in acquiring multifamily properties in Chicago and its suburbs.”
Built in 1968, Westmore Apartments is a 230-unit garden-style community situated on approximately 11.5 acres in Lombard. Long-term ownership invested more than $3.7 million in capital improvements over the past decade, including unit interior renovations, roof replacements, common area upgrades and the installation of Bluetooth-enabled laundry equipment.
The property is currently 98% occupied and offers a mix of one-, two- and three-bedroom floorplans. Features include stainless steel appliances, vinyl flooring, walk-in closets and a private balcony or patio. Community amenities include a pool, fitness center, playground, laundry facilities, on-site management and maintenance, storage, off-street parking and a pet-friendly environment.
Whispering Trails, built in 1985, is a 120-unit garden-style community located in the heart of Naperville. The all-two-bedroom community was built in 1985. Current ownership invested nearly $2.2 million in capital improvements, including 100% replacement of roofs, windows and sliding doors in 2016 and 2017, and has completed light interior renovations across 104 units.
Apartment unit features include stainless steel appliances, open concept floorplan, vinyl flooring, walk-in closets and a private balcony or patio. Community amenities include a laundry facility, on-site management and maintenance, off-street parking and a pet-friendly environment.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
