Marina Partners Sells Apartments for $16M

WEST CHICAGO, IL-Marina Partners Limited Partnership, based in Omaha, NE, has sold the 253-unit Aspen Ridge apartment community, at 1440 S. Neltnor Blvd., to a private investor from LaGrange, IL. The asking sales price was $17.5 million and sources say the final sales price was approximately $16 million. The cap rate was “roughly, on trailing numbers, sub 6%,” says Ralph DePasquale, senior investment advisor with the Chicago office of Hendricks & Partners.

The seller was represented by DePasquale and Bill Montana, also with the Chicago office of Hendricks & Partners. The property consists of 10 two- and three-story buildings that were constructed in 1969 on an approximate 11.5-acre site. There is a mix of one- and two-bedroom units.

The units have been more than 90% occupied for the past three years, according to marketing materials for the property. The average unit size is 803 sf and the average rent is $826, according to the materials. The buyer was attracted to the property because of the location at Route 59 and Roosevelt Road and “they felt they could really take advantage with hands-on operations of the property,” DePasquale says.