Multifamily N Illinois

Rockford apartment portfolio sells for 2.7 million

Rockford apartment portfolio sells for 2.7 million,ph01

A portfolio of a combined 79 units at two neighboring apartment buildings sold in Rockford at 4455 Charles Street and 2020 Forest View Road. SVN Chicago Commercial advisors Cody Doran and Reid Bennett, CCIM brought these two complexes, Orchard Hills and Forest View, to market for the first time in over 40 years and were the sole brokers involved in the transaction. The multifamily assets sold for a combined $2,750,000.

“This transaction represents our twelfth closing in the Rockford market totaling nearly 1,000 units and climbing,” Bennett said. “We uncover buyers chasing yield through value-add executions into this market, thereby improving the apartment stock in Rockford.”

SVN was awarded the assignment due to their market share in Rockford and a performance on a previously sold asset for ownership. These two properties were the final assets owned by the partnership in Rockford and made a nice addition to the buyer’s Western Chicago suburb holdings.

Rockford apartment portfolio sells for 2.7 million,ph02