August 6, 2020 – Anthony Spangler and Andrew O’Connell of Horvath & Tremblay have successfully completed the sale of the Addison Portfolio in Addison, Illinois. The portfolio consists of 5 multi-family properties and 71 units. The duo exclusively represented the seller to complete the transaction at a sale price of $6,000,000, which is $84,507 per unit.
The five property Addison Portfolio is centered around the attractive and municipally maintained Green Oaks Park & Recreation Area. In total the Portfolio which has two properties on Stevens Drive (505-515 and 530-534) and three properties on Green Oaks Court N (516-522, 524-528 and 521-525), consists of 71 units made up of 13, 1-Bedroom/1-Bathroom units and 58, 2-Bedroom/1-Bathroom units. The Properties had been under the same ownership for many years and the brick-masonry buildings are easy to manage. Each unit includes at least one parking space with additional striped parking spaces on the street for tenants and guests. The tenants are responsible for their own separately metered electricity while the landlord pays for gas heat and hot water and municipal water and sewer. The Addison Portfolio is well-located in a renter-dominated market and is currently fully occupied with very low historical vacancy. The properties are located in the commercial center of Addison which offers an abundance of shopping, restaurants and outdoor recreation amenities within walking distance. The Addison Portfolio represents a rare opportunity to gain a critical mass of co-located, value-add multi-family properties in a supply constrained rental market.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.