SPRINGFIELD, ILL. — Marcus & Millichap has arranged the $18.95 million sale of two multifamily apartment complexes in Springfield. Located at 1516 7 Pines Road and built in 1986, the 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartments were 94 percent occupied at the time of sale. Orchard Park Apartments features one-, two- and three-bedroom suites offering full-size washer/dryer, spacious closets, separate dining rooms and storage space. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance. Orchard Park South offers two-bedroom/one-bath suites, with an average unit size of 988 square feet. Each suite features a full-size washer/dryer, spacious closets, storage space and ample parking. James Walsh, senior vice president investments with Marcus & Millichap’s Chicago downtown office, represented the seller, the property developer; the buyer was a Chicago-area private investor representing a family investment trust. Rick Lynn, director at Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks
The 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartment complexes in Springfield, Ill., have sold to a private family investment trust for $18.95 million.
TWO MULTIFAMILY PROPERTIES SELL FOR $18.95M IN CENTRAL ILLINOIS
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