Kiser Group advised on the sale of Lockport South Apartments in Lockport, Illinois. Located at 551 Diane Court, the 80-unit multifamily property sold for $7,250,000. Director Matt Halper, advisor Danny Mantis and principal and managing broker Lee Kiser represented both the buyer and seller.
“We are thrilled to round out the year with one of the largest 2020 closings in Will County,” said Kiser. “Especially due to the fact that the total transactions in Will Country were one-third of the transactions compared to 2019.”
Lockport South Apartments consists of 20 two-bedroom, one-and-a-half-bathroom townhouse apartments; 20 two-bedroom, one-bathroom townhouse apartments and 40 one-bedroom, one-bathroom units.
“Will County’s multifamily market has limited rental inventory, and we continue to see strong investor interest in the area in addition to steady rent growth,” said Halper. “With this acquisition, the new owner is able to achieve immediate scale in the area.”
“Very few sizable apartment properties come to market in Will County. Lockport South Apartments was owned by the same entity since the 1980s. The property has historically high occupancy and collections, which resulted in dozens of property tours and a competitive bidding process,” said Mantis.