ON MARKET – MULTI-FAMILY
561-564 Deere Park Circle Bartlett, IL 60103
PRICE
Subject to Offer
NUMBER OF UNITS
192
CAP RATE
5.45%
PROPERTY LISTED

Essex Realty Group, Inc. is exclusively engaged to market for sale Bartlett Lakes Apartments (‘the Property’) located at 561-564 Deere Park Circle in Bartlett, IL. The 192-unit complex is made up of four garden-style buildings, each consisting of forty-eight (48) units, laundry facilities, and a passenger elevator. The Property features an on-site management and leasing office, swimming pool, pool house, playground, and 350 surface parking spaces over 10 acres of land.

The Property features fifty-six (56) 1Bd/1Ba apartments and one hundred and thirty-six (136) 2Bd/1Ba apartments. Each unit features carpet or vinyl wood plank flooring throughout bedrooms and living areas, vinyl flooring in kitchens, landlord paid hot water baseboard heat, through-wall air conditioning, controlled access, and ample closet space. Kitchens feature white appliances, Formica countertops, and white or brown painted cabinetry. Select units feature a breakfast bar and separate formal dining area. Bathrooms feature tile flooring, vanities, medicine cabinet storage, and tub showers. Unit 106 in building 562 is currently configured as the leasing and management office but could be converted back into a 2Bd/2Ba-2A layout.

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 has been engaged by N. Neville Reid, not individually but as court-appointed receiver (the “Receiver”) in the action SEC v. Northridge Holdings, Ltd. et al., Case No. 19-cv-5957 (the “Receivership Case”) pending in the United States District Court for the Northern District of Illinois (the “Court”) and pursuant to the Court’s Order Appointing Receiver entered on September 12, 2019 (the “Receiver Order”).  Pursuant to the Receiver Order, the Receiver is authorized to market and sell such property.  The Receiver has sought court-approval of this sales process.  Any sale will be subject to Court approval, at which time the Receiver will seek entry of an order approving the sale free and clear of all liens, claims and encumbrances (except ones that run with the land) in a form reasonably acceptable to the buyer.

The Receiver Order has been included in the data room for this transaction.  Additional information regarding the Receivership Case and any impact of the Receivership Case on this sale will be provided upon request.  

LOCATION DETAILS

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HIGHLIGHTS
  • Acquire 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
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Brian Kochendorfer
Managing Director
773.305.4870