Multifamily N Illinois

Bartlett property seeking new owner following Ponzi scheme allegations

Bartlett property seeking new owner following Ponzi scheme allegations,ph1

Essex Realty Group, Inc. has been engaged on behalf of a court-appointed receiver of Northridge Holdings, Ltd. et al. to sell the 192-unit Bartlett Lake Apartments, located in Bartlett, Illinois.

As reported earlier this year, Northridge Holdings of Addison, Illinois and related entities have been accused by the SEC of being involved in a Ponzi scheme, which included Bartlett Lakes Apartments. The Bartlett Lake Apartments remain professionally managed and there has been no negative impact on the property’s condition as a result of the alleged Ponzi scheme or appointment of the receiver.

The property is comprised of four 48-unit buildings, a swimming pool, pool house and approximately 350 parking spaces covering roughly 10 acres of land. It consists of 56 one-bedroom and 136 two-bedroom apartments. The property is well located less than one mile from the Bartlett Metra MD-W Metra station, and in close proximity to the Elgin O’hare Expressway, I-290 and I-355.

“Although the property is fully leased, Bartlett Lakes represents one of the best value-add opportunities to come to the market this year,” said Doug Imber, president of Essex and one of the brokers representing the receiver. “The property and its units are very clean, but the kitchens and baths are in their original 1971 condition.”