Located in Aurora, Illinois, 2000 Illinois has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The 128-unit, 5-story property is listed for $10,400,000 and represented by Kiser Group’s Matt Halper and Danny Mantis.
“With historically high-occupancy and strong cash flow, we expect strong investor interest,” said Broker Matt Halper. “There is an opportunity to increase rents with the current condition of the units and to reconfigure areas of the property to add amenities that compliment the pool and courtyard. An ideal investor will have familiarity with affordable housing since 32 of the units are income restricted to 60% AMI.”
2000 Illinois features 104 one-bedroom units, 24 two-bedroom, 150 surface parking spaces and 52 covered parking spaces. The property also features an outdoor pool and sundeck. Currently, more than 97 percent occupied, the asset was originally constructed in 1973 and has seen substantial physical improvements under current ownership. The property’s rents range from $750 to $1,055 per month.
“The Kane County location has a favorable expense relative to other Chicagoland counties,” said Broker Danny Mantis. “We anticipate that fact paired with a high concentration of employers nearby will be appealing to investors.”