Essex Realty Group Brokers the Sale of Lakeside Village of Mundelein
Lakeside Village of Mundelein, located at 313 S. Hickory St. in Mundelein, IL., is comprised of ten (10) buildings and consists of one hundred fifty-two (152) apartments. The complex is made up of twenty-one (22) studio, ninety-seven (96) 1Bd/1Ba, thirty-four (34) 2Bd/1.5Ba apartments, and 286 outdoor parking spaces.
Lakeside Village represents a unique value add opportunity. Approximately 110 apartments have received upgrades since 2011. Of these, 26 apartments have received complete renovations in the past six months, with new kitchens, baths, and flooring. These newly upgraded units are achieving an average of $1,064 per month vs. the current average rent of $999 per month. A new owner has a proven strategy for a modest or full renovation of the remaining apartments.
Lakeside Village is conveniently located less than one mile from the Mundelein Metra train station; 30 minutes from O’Hare International Airport; and 4.6 miles from the 1-94 expressway, providing easy access throughout Chicagoland and Southern Wisconsin. Lakeside Village is also located less than a half-mile from Lake Street, providing access to numerous restaurants and shopping.
The sale price was approximately $14,700,000.
The brokerage team comprised of Doug Imber, Kate Varde, and Clay Maxfield represented the seller and Brian Kochendorfer, Brian Karmowski, and Troy Beebe represented the buyer on the transaction.