Northmarq’s Midwest Investment Sales team arranges sale and acquisition financing of Knoxville Pointe Apartments in Illinois
CHICAGO (March 31, 2025) — Northmarq’s Midwest Multifamily Investment Sales team led by Alex Malzone, Jake Lamb, Parker Stewart and Dominic Martinez has successfully brokered the sale of Knoxville Pointe, a 218-unit apartment community, located in Dunlap on the north side of Peoria.
Northmarq represented the seller, Manna Capital, in the transaction. The buyer was Timberland Partners, and this is their first acquisition in central Illinois.
Northmarq’s Debt + Equity team, led by Dan Trebil, arranged the acquisition financing for Timberland Partners. The loan was completed through the company’s Fannie Mae platform.
“Knoxville Pointe is another example of seeing strong interest from regional/national buyers willing to come to a tertiary market like Peoria,” said Malzone. “The marketing effort was extremely competitive as we received double digit offers with most buyers being from out of state.”
“This sale represents a successful execution of the investment strategy we developed for this asset. We acquired the property 18 months ago when it was in default and were able to quickly stabilize the property by leveraging our management expertise,” said Tomer Bitton, managing principal of Manna Capital.
Built in 2005, Knoxville Pointe offers a mix of spacious one- and two-bedroom floorplans, each featuring in-unit washers and dryers, private balconies and modern amenities. The North Peoria submarket boasts a 96% occupancy rate, 30% rent growth over the past three years, and is anchored by the top-rated Dunlap School District. Additionally, the area's strong economic base includes major employers such as Caterpillar, OSF HealthCare, and Carle Health, providing a robust tenant demand.
“We are pleased to be able to further our relationship with Northmarq as we expand our platform into new markets,” said Mike Savides, director of acquisitions for Timberland Partners.
Northmarq’s Midwest Multifamily Investment Sales team continues to play a pivotal role in the area, leveraging deep market knowledge and a vast network of institutional and private investors.
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.
