Two Apartment Complexes Sell in Chicago Suburb Wheaton

Investors paid dramatically different prices per unit for two multifamily properties in Wheaton, one built last year and the other nearly 50 years old.

Liberty Square Flats, an 18-unit building at 302 West Liberty Drive, sold for $8.4 million, or $467,000 per unit. While Lorraine Court Apartments, a 44-unit property at 1110 South Lorraine Road built in 1972, traded hands for $6.95 million, or $158,000 per unit, the Chicago Business Journal reported. The properties were acquired by undisclosed local investors.

The deals were finalized on Feb. 5 and Jan. 23, respectively. Interra Realty’s Nathan Zito, Patrick Kennelly and Paul Waterloo handled both transactions.

The contrast in price per unit between the properties highlights the varying appeal of multifamily buildings in DuPage County.

Liberty Square Flats represents the modern multifamily development that is increasingly popular among investors. The building is 94 percent occupied and features high-end finishes, including custom closets, quartz countertops and smart-home features. It also includes a rooftop deck, outdoor grilling area and dog washing station.

The property’s newness and high-end features made it a desirable asset for an investor looking for a turnkey rental property with minimal immediate maintenance costs.

Despite its age, Lorraine Court Apartments is nearly fully occupied at 98 percent and offers long-term stability for the buyer. The apartments feature basic amenities, such as laundry facilities.

In a separate transaction, a 223-unit apartment building an hour east of Wheaton sold for $94 million. The property, located at 123 North Desplaines Street in Chicago’s West Loop, was purchased by Portland, Oregon-based investor Green Cities for $421,500 per unit.

— Andrew Terrell