Northmarq’s Midwest Investment Sales team brokers two Fannie Mae loan assumption sales for $30.6 million
CHICAGO (Feb. 20, 2024) — Northmarq’s Midwest Investment Sales team of Alex Malzone, Parker Stewart, Dominic Martinez and Jake Lamb have completed the sale of two garden-style multifamily properties, Haven Woodridge (122 units) and Haven Crystal Lake (80 units) for $30.6 million. Located in Woodridge and Crystal Lake, IL, the properties were renovated in 2019 and total 202 units.
Both properties were sold by a Chicago-based private firm, who Northmarq represented in the sales. Haven Crystal Lake was purchased by a local Chicago-based investor in a 1031 exchange. Haven Woodridge was purchased by a separate Chicago-based investor.
“Our team sold both properties as Fannie Mae loan assumptions, in which the debt will mature in 2029. The market is showing a strong appetite for debt assumption acquisitions due to the volatile capital market environment,” said Malzone.
“Both properties underwent extensive renovations in recent years, offering the buyers turn-key operations with the ability to enhance future NOI by organically pushing revenue and streamlining costs,” said Stewart.
Haven Woodridge and Haven Crystal Lake boast fully renovated units with vinyl plank flooring, granite and stone countertops and stainless-steel appliances. Each property is situated in A-rated school districts with exceptional submarket fundamentals.
The pet-friendly Haven Woodridge offers one-, two- and three-bedroom apartment homes with a variety of community amenities including an outdoor pool with sundeck, clubhouse, laundry facilities, storage lockers and more.
Haven Crystal Lake boasts in-unit washer/dryer hook-ups in all their large studio, one-, two- and three-bedroom floor plans, which average 1,041 sq. ft.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
