Northmarq’s Chicago office completes $27 million sale of multifamily portfolio in Yorkville, Illinois

CHICAGO, ILLINOIS (November 1, 2022) – Parker Stewart, managing director, and Alex Malzone, associate vice president of Northmarq’s Chicago/St. Louis investment sales team, brokered the sale of a two-property, $27 million multifamily portfolio. The adjacent properties, located in Yorkville, Illinois, have a total of 164 units. Northmarq represented the seller, who was a long-term owner/operator for both properties. 

“This portfolio was very attractive to local, regional, and national investors due to the continued growth in Kendall County and that both properties were owned and self-managed for more than 35 years,” said Malzone. “Our team is excited that we could execute this transaction with an East Coast-based buyer, despite the volatility of the current capital markets.” 

Yorkville, located on the far southwest side of Chicago, is a rapidly transforming community in the fastest growing county in Illinois. Yorkville is an upscale community with a mix of suburban and rural lifestyles. Many Yorkville residents commute to Chicago, Joliet, and Naperville for employment and education, helping to maintain the $106,000 median household income around these properties.

York Meadow, built in 2003, is located at 302-322 East Kendall Drive and contains 92 units. The property has a history of 100% occupancy and the new owner can potentially complete a cosmetic renovation program to update the unit interiors to add value. The seller was the original developer of the property.

Yorkville Apartments, built in 1977, is located at 302-308 Mulhern Court and contains 72 units. The seller had renovated approximately 20% of the units before the sale. The new owner will be able to add significant value by continuing the established interior modernization program.