Essex Realty Group is pleased to announce the sale of Cotton Creek Apartments, a 32-unit multifamily property located in Island Lake, Illinois. Built in 1986 and situated in a quiet, wooded area, Cotton Creek is one of the few apartment complexes in Island Lake, offering tenants convenient access to the Cotton Creek Marsh Nature Preserve and nearby trails that provide ample green space and outdoor recreation.

The property features a mix of nine (9) one-bedroom and twenty-three (23) two-bedroom units. The asset attracted strong buyer interest due to its below-market rents, which were approximately 15% under market as-is at the time of sale, presenting immediate upside potential without the need for major capital improvements

A key highlight of the transaction was the property’s assumable Fannie Mae loan with highly favorable terms. The buyer was able to assume the existing low-rate financing, providing substantial interest savings compared to current market rates and enhancing the overall investment returns.

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• Closed at 93% of List Price with Multiple Tours & Offers
• Rarely Available 32-Unit Apartment Complex
• Ideal Unit Mix – 72% Two-Bedroom Units
• Several Recent Capex - Full Roof Replacement, Boilers and Hot Water Tanks