Essex Realty Group, Inc. has been engaged to exclusively market for sale Autumn Ridge Apartments, a 384-unit multifamily complex located in Park Forest, Illinois. Situated at 111 Sycamore Dr, Autumn Ridge has 304 apartment units across four mid-rise buildings as well as 80 townhomes.

The complex features an attractive mix of majority [70%] two bedroom / two bathroom and three bedroom / two bathroom units. Ownership has recently spent approximately $3 million in renovations, minimizing maintenance expenses for an incoming owner. The in-place rents and strong history of collections provide stabilized returns with room to add value by leasing the remaining vacant units and increasing rents.

Further contributing to the property’s cash flow is the assumable debt. The assumable Freddie Mac loan has a current balance of $36,373,050 and a below market interest rate of 5.55% with a remaining term of 9.5 years. This will enable an investor to achieve above market 12.3% cash-on-cash returns on day one.

This offering presents the rare opportunity for an investor to acquire immediate scale and achieve stellar cash-on-cash returns by assuming the below-market interest rate, higher leverage debt.

Located approximately 30 miles south of downtown Chicago, Park Forest is part of Will County. Nearby Interstate Highway 57 and the Calumet expressway provide access to all of the major highways in the Chicago area. Commuters also have easy access to multiple Metra commuter rail stations, with trains making 80 daily trips to downtown Chicago.

In addition to easy access to the city for commuters, residents can enjoy 2,000 acres of parks, recreation facilities, and open land in Park Forest. Nearby are several premier golf courses including Olympia Fields, a prestigious country club and host of many top golf tournaments.

Within 10 miles is also the site of the future Wind Creek Chicago Southland Casino. Per Wind Creek, the 70,000-square-foot casino will feature 1,350 slot machines, 56 table games, entertainment, dining, a 252-room luxury hotel, and will bring 800 jobs to the south suburban region.

• 304 Apartments, 80 Townhomes
• Assumable Debt: Total Balance of $36.4MM [79% LTV at List], 5.55% IR, 9.5 Year Term Remaining
• Favorable Mix of Majority [70%] 2BD/2BA and 3BD/2BA Units
• Ownership Recently Spent $3 Million in Renovation
• Opportunity for Investor to Achieve Stellar Cash-On-Cash Returns with Assumable Below-Market Interest Rate, Higher Leverage Debt