Algonquin apartment complex sells for $12.7 million

Algonquin apartment complex sells for $12.7 million

ALGONQUIN – Industrial precise property funding suppliers company Marcus & Millichap launched the $12.7 million sale of Riverside Plaza, a mixed-use property comprising 63 residences and 6 retail gadgets at 1 N. Foremost St. in Algonquin.

Inbuilt 2014 and positioned inside the coronary coronary heart of the village two blocks from the Fox River, Riverside Plaza consists of 21 one-bedroom and 42 two-bedroom residences ranging in measurement from 1,zero42 to 1,339 sq. toes, along with six retail gadgets totaling 9,600 sq. toes. The residences had been 92 % occupied on the time of closing, whereas the retail areas had been vacant.

Eric P. Bell, Frank M. Roti and Brett Rodgers, funding specialists in Marcus & Millichap’s Chicago Oak Brook and Chicago downtown workplaces, fully marketed the property on behalf of the seller, a financial institution that acquired the property by way of foreclosures. Bell moreover secured and represented the client, a restricted obligation agency.

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