January 8, 2019
Essex Realty Group represented both buyer and seller in the sale of the Lakeside Village of Mundelein apartment complex in Mundelein, IL. The 10-building, 152-unit property sold for approximately $14.7 million.
The firm notes that Lakeside Village represents a unique value-add opportunity. Approximately 110 apartments have received upgrades since 2011, and given the rent premium on the upgraded units, a new owner has a proven strategy for a modest or full renovation of the remaining apartments.
Essex Realty’s Doug Imber, Kate Varde and Clay Maxfield represented the seller. Brian Kochendorfer, Brian Karmowski and Troy Beebe advised the buyer.
The property is less than a mile from the Mundelein Metra train station, and less than half a mile from Mundelein’s Lake Street, providing access to numerous restaurants and shopping.
For comments, questions or concerns, please contact Paul Bubny