MPI Sells Fully Leased Multi-Family Complex in Park Ridge

Millennium Properties R/E, serving as the exclusive sales advisor to the bankruptcy court, recently completed the sale of an eight-unit apartment complex at 1 N. Hamlin in Park Ridge that generates more than $100,000 in annual rent.

Millennium Properties sold this 12,200 square foot suburban multi-family building earlier this month, at a price of approximately $150,000 per unit. Situated on the corner of Hamlin and Touhy, the units in this property feature hardwood floors, eat-in kitchens, and private patios and lawns. The building is equipped with an on-site laundry, storage and a total of 14 parking spots split between a six-car garage and an eight-space parking lot. Another key feature making this an attractive asset to the buyer is its location near the Chippewa Forest Preserve and the Des Plaines River, as well as its close proximity to downtown Park Ridge.

“We had a tremendous amount of interest in this property once it was brought to market and received multiple offers,” said Millennium Properties executive vice president Susan B. Silver.

“As the apartment market continues to thrive,” added Millennium Properties president Daniel J. Hyman, “demand for prime suburban assets will also continue to grow. Stabilized and fully leased buildings, such as this one are always an attractive sell to investors.”