The 18-unit portfolio within the 228-unit Schaumburg Terrace community sold to a local private investor after a marketing process that drew multiple offers.
-- Brian Properties, Inc. represented the seller, a local private investor, in the $2,664,000 sale of an 18-unit rental portfolio within the Schaumburg Terrace Apartments community in Schaumburg, Illinois. The sale price equals $148,000 per unit. The portfolio drew multiple offers, and the transaction closed Oct. 3.
The portfolio includes 18 condominium units in three six-unit groupings at 1000 Sarah Constant Lane, 2344 John Smith Drive, and 2385 John Smith Drive. Each grouping sits within a separate 18-unit condominium building in the 228-unit Schaumburg Terrace complex. The unit mix includes 12 two-bedroom, one-bath units and six one-bedroom, one-bath units, all with in-unit washers and dryers, dishwashers, and air conditioning.
Scott Whisler, vice president; Phil Brand, associate; and Mark Meskauskas, president, represented the seller on behalf of Brian Properties. The buyer, also a local private investor, was represented by Dean Tubekis of Coldwell Banker. Brian Properties managed and leased the portfolio for the seller from 2010 until the sale.
“Smaller multifamily portfolios like this one draw interest from a wide range of local investors, especially when the property has a long, well-documented operating history,” said Scott Whisler, vice president of Brian Properties. “Our goal was to give every buyer a clear picture of the units and their performance from the start, which helped us work through the transaction to closing.”
“We managed and leased these units for 16 years, so we could speak to every part of the property’s operations and its upside with confidence,” said Mark Meskauskas, president of Brian Properties. “That history helped us position the portfolio for today’s investors, and the multiple offers we received show the continued demand for well-located rental housing in the northwest suburbs.”
The sale reflects Brian Properties’ continued work with private investors throughout Schaumburg and the northwest suburbs. The firm provides brokerage and investment advisory services to commercial and multifamily property owners and investors across the Chicago metropolitan market.
About Brian Properties, Inc.
Brian Properties, Inc. is a full-service commercial real estate firm headquartered in Arlington Heights, Illinois. Founded in 1973, the company specializes in asset and property management, brokerage services, project leasing, and investment advisory services throughout the Chicago metropolitan market. The firm currently manages and leases more than 2.5 million square feet of commercial property and serves commercial and multifamily property owners with a service-driven, operationally focused approach.
Contact Info:
Name: Mark Meskauskas
Email: Send Email
Organization: Brian Properties, Inc.
Address: United States
Website: https://www.brianproperties.com/
Release ID: 89209587
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