Multifamily N Illinois

Colliers brokers $6.5M sale of 83-unit Grayslake apartment complex

Colliers brokers $6.5M sale of 83-unit Grayslake apartment complex,ph1

Colliers International | Chicago has arranged the $6.55 million sale of Brittany Square Apartments, an 83-unit apartment complex located at 720 Brittany Square in Grayslake, Illinois. Colliers’ Jack Maloney and Tyler Hague represented longtime family owner Jim Freese in the sale to an undisclosed buyer.

“This was a tremendous value-add opportunity,” said Maloney, an associate with Colliers. “The property was off market and [that] allows the Freese family, who built the property in 1974, to capitalize on strong market conditions in the area. The buyer plans to continue unit upgrades as well as add additional amenities. With 25 percent of the units already renovated, the seller capitalized on market demand for improved units, allowing for a great deal of upside in this property.”

The two-story building includes 62 one-bedroom and 21 two-bedroom apartments. In addition to continuing the unit improvements, a new dog park and basketball court will be added, and the outdoor pool area will be updated. Renters will also have the option to add on-site storage and covered parking.