Multifamily N Illinois

Moline multifamily complex sells for more than $3 million

Moline multifamily complex sells for more than 3 million,ph1

The 67-unit multifamily complex located at 2424 41st Street in Moline, Illinois, commonly known as Paulsen Manor Apartments, sold for $3,300,000. Reid Bennett, CCIM and Cody Doran of SVN Chicago Commercial were the sole advisors involved in the transaction.

“Paulsen Manor was sold to a local investor who recognized the immediate value potential in reducing operating costs and increasing the property’s below-market rents,” Doran said. “The property has only traded hands a few times during its 67 years of operation, exemplifying the ease of management and healthy financial returns to its investors.”