Timber Court, located at 3400-20 N. Old Arlington Heights Rd., was listed for sale by multifamily brokerage firm Kiser Group. The 72-unit multifamily property is in the sought-after Chicago suburb of Arlington Heights. Advisor Ron Plonis, Principal and Managing Broker Lee Kiser and Advisor Jeff Leibovich are marketing the property.
Timber Court, built in 2007, was originally designed to be a three-building campus. Only two buildings were constructed, each with 36 large units and indoor parking.
“Timber Court will attract interest from local and regional apartment investors,” said Kiser. “The potential for building additional density will be appealing to developers, as well.”
While Timber Court is being marketed unpriced, analysis suggests per-unit pricing could exceed $235,000, making the property value well over $17 million.
“Chicago’s suburban multifamily real estate continues to be an attractive market for both investors and renters,” said Plonis. “Neighborhoods like this experience high occupancy rates with long-term tenants, that coupled with Timber Court’s covid-resilient larger unit sizes, results in strong cash flow. There is also value-add potential through raising rents with light renovations.”
Tours of Timber Court began Feb. 1, 2021.