Essex Realty Group, Inc. is pleased to announce the sale of Bartlett Lake Apartments, a 192-unit multifamily complex located at 561-564 Deere Park Circle in Bartlett, IL. Essex Realty Group, Inc. was engaged on behalf of a court-appointed receiver of Northridge Holdings, Ltd. et al. to sell the property after Northridge Holdings of Addison, Illinois and related entities had been accused by the SEC of being involved in a Ponzi scheme, which included Bartlett Lakes Apartments.
The complex is comprised of four 48-unit garden-style buildings, a swimming pool, pool house and approximately 350 parking spaces covering roughly 10 acres of land. It consists of 56 one-bedroom and 136 two-bedroom apartments. This 192-unit multifamily complex presented a value-add opportunity as the kitchens and bathrooms are all in their original 1971 condition.
Bartlett Lakes is conveniently located 0.85 miles north of the Bartlett MD-W Metra Station that provides service throughout the western suburbs and downtown Chicago. The Property is also within proximity to the Elgin O’Hare Expressway, I-290, and I-355 providing access to multiple major employment and entertainment hubs.
- Essex generated 35 property tours and 24 offers. Please call for sale price and information.
- 192 apartments in desirable Village of Bartlett, approximately 6 miles southwest of Schaumburg, IL
- 0.85 miles north of the Bartlett MD-W Metra Station providing service throughout Chicagoland
- Average monthly rents are approximately $50/unit/month below high-end achieving rents for each unit type
- Multiple value-add strategies: renovate units, improve commons areas, and add desired resident amenities