Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

DUNLAP, IL-Dunlap Apartments LLC, based in Green Bay, WI, has acquired the Knoxville Pointe Apartments at 1700 W. Hickory Grove Rd. The apartment complex has 218 units. The sales price was $15.7 million, or about $72,064 per unit.

Jim Walsh, Shaun Buss and Sean Lyons, all with Marcus & Millichap Real Estate Investment Services, represented both the buyer and the seller. The cap rate was nearly 6.7%, says Walsh, VP of investments and senior director of the firm’s National Multi Housing Group.

The seller was Chicago-based Knoxville Partners LLC, which was selling it because “the property was constructed to be sold,” Walsh says. Dunlap acquired the property for an investment fund, he says.

The property, in the Peoria submarket, has 13 two-story buildings with a total of 220,012 sf on 15 acres. The first phase of the development, Knox-East, was constructed in 2001 and has 46 one-bedroom and 106 two-bedroom units. The second phase of the development, Knox-West, was constructed in 2005 and has 18 one-bedroom units and 48 two-bedroom units. At the time of closing, the occupancy rate was 99% without concessions, Walsh tells GlobeSt.com. The complex has a fitness center, clubhouse and outdoor pool in addition to 77 private garages. The average rental rate at the time of closing was $747 and the average unit size is about 1,010 sf, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.