Multifamily N Illinois

Algonquin's Riverside Plaza sells for $12.7 million

Algonquin's Riverside Plaza sells for $12.7 million,ph1

Marcus & Millichap announced the $12.7 million sale of Riverside Plaza, a mixed-use property comprising 63 apartments and six retail units at 1 N. Main Street in Algonquin, Illinois, a northwest suburb of Chicago.

Eric P. Bell, Frank M. Roti and Brett Rodgers, investment specialists in Marcus & Millichap’s Chicago Oak Brook and Chicago Downtown offices, exclusively marketed the property on behalf of the seller, a financial institution that acquired the property through foreclosure. Bell also secured and represented the buyer, a limited liability company.

Built in 2014 and located in the heart of the village, two blocks from the Fox River, Riverside Plaza includes 21 one-bedroom and 42 two-bedroom apartments ranging in size from 1,042 to 1,339 square feet, along with six retail units totaling 9,600 square feet. The apartments were 92 percent occupied at the time of closing, while the retail spaces were vacant.

The residences feature 9- or 10-foot ceilings, bamboo hardwood flooring and in-unit laundry, as well as modern kitchens and spa-inspired baths. Residents also enjoy several shared amenities including an event room with full kitchen, a fitness center, a barbecue area, a private plaza with fire pit and a club room featuring a fireplace, large-screen TV and gaming and billiards tables.

Located 40 miles northwest of downtown Chicago, Riverside Plaza is close to several major thoroughfares and less than 5 miles from Algonquin Commons, an outdoor shopping mall featuring more than 80 retailers. The community is also within walking distance of popular shops, restaurants and recreational amenities in downtown Algonquin.