Essex Realty Group, Inc. is pleased to announce the sale of Wellington Creek Apartments, a 91-unit apartment complex in Lisle, IL. The property closed in late August with a cap rate of 5.4% at closing.
The five-building complex is comprised of (3) studios, (84) 1bd/1ba, (3) 2bd/1ba and (1) 3bd/1ba unit. The average rent at the time of sale was $1,051. New ownership intends to launch a comprehensive value-add plan to rehab units, improve common areas and enhance building exteriors.
The nearly 6-acre site is situated just south of Ogden Avenue roughly two miles from Downtown Lisle and the Metra Station. Additionally, downtown Naperville is located less than four miles west of the Subject Property.
- Significant Value-Add Opportunity – 25%+ Rental Upside
- Desirable Unit Mix: (3) studios, (84) 1bd/1ba, (3) 2bd/1ba and (1) 3bd/1ba Units
- Close Proximity to Downtown Lisle, Metra and I-88
- Walking Distance to Restaurants, Retailers and Park Districts
- Beautiful 6-Acre Site with Ample Green Space