Also for sale is the 220-unit Pebblewood Court Apartments in northwest suburban Hanover Park. The asking price of $15.8 million represents a 6.6% capitalization rate.
Separate private investors in Chicago and the Midwestern US are putting the two properties on the market. Marcus & Millichap Real Estate Investment Brokerage Co. senior director and investment specialist Eric Bell is listing agent on both properties.
Built in 1965, Park Willow Apartments is on 11.7 acres in the DuPage County suburb of Clarendon Hills. The complex is split with 86 one-bedroom and 73 two-bedroom units, ranging in rent from $680 to $930 per month.
Pebblewood Court Apartments was built in 1969 and recently underwent a renovation that included new kitchens and bathrooms in the 110 one-bedroom and 110 two-bedroom units, ranging in rent from $500 to $930 per month.
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