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Marcus & Millichap Closes $24.62M Sale of Mallard Point Apartments in Suburban Chicago
Marcus & Millichap has successfully brokered the sale of Mallard Point Apartments, a 173-unit multifamily community located in Channahon, Illinois, for $24.62 million. The transaction represents a per-unit price of $142,341.
“The closing followed a highly competitive marketing process that generated more than 30 offers,” said Scott Harris, Senior Managing Director of Investments at Marcus & Millichap’s Chicago Oak Brook office. “Located in one of the fastest-growing counties in Illinois, the property was 99% occupied at the time of the sale.”
Harris, along with colleague Sam McCarthy, represented the buyer, Loboda Properties. The California-based family office acquired the asset and assumed the existing HUD loan.
“This transaction underscores the depth of investor demand for well-located, stabilized multifamily assets with existing cash flow and operational upside,” said McCarthy.
Mallard Point Apartments is situated approximately 50 miles southwest of Downtown Chicago near the intersection of Interstate 55 and Interstate 80. The property, built in 2003, is a 13-building, garden-style complex spanning 22 acres. The unit mix consists of one- and two-bedroom apartments, each averaging nearly 1,000 square feet.
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