Inland brokers two apartment property sales for $1.25M
August 18, 2010 | Staff Writer | Print Article | Email this Article
Inland Real Estate Brokerage, Inc. has announced the sale of two six-flat apartment buildings located in the Hamilton Court apartment complex near the Golf Road corridor in Des Plaines, Ill.
The properties, which taken together include 10 two-bedroom and two one-bedroom apartments, were fully occupied and producing income at closing.
Bob Edmiston, vice president and more than 30-year veteran of Inland Real Estate Brokerage, brokered the sale.
“These buildings, in addition to immediately providing the buyer with income, are unique in that they include two-bedroom/two-bathroom units, which is very unusual and an attractive feature to renters,” Edmiston said. “In addition, the seller offered financing and a smaller down payment requirement in exchange for a higher selling price. This is a reflection of today’s tight credit markets and a return to a trend that was common in the mid-1980s, when interest rates were in the teens.”
Edmiston represented both the buyer and the seller in the transaction. The properties were sold for $625,000 each, for a total of $1.25 million.
Tags | Chicago, Inland Real Estate, Multifamily, sale
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