Three downtown Mount Prospect apartment buildings on the market
Three multistory apartment buildings in downtown Mount Prospect are on the market.
The buildings — the 20West building at 20 W. Northwest Highway, Maple Street Lofts at 207 S. Maple St., and the Dawson, under construction at 235 E. Prospect Ave. — are owned by limited liability companies associated with the Papanicholas family, which developed the properties.
Commercial real estate firm Berkadia Institutional Solutions is advertising the properties as a “Mount Prospect Portfolio: Multifamily Trio.” Highlights, according to the online ad, include “desirable downtown walkables, authentic village living and incredible Metra + Interstate connectivity.”
No asking price is given on the publicly available listing.
Representatives of Nicholas & Associates, one of the Papanicholas family’s development groups, could not be reached for comment.
Jason Shallcross, Mount Prospect’s deputy director of community development, confirmed that the village was notified before the properties were listed.
Village Manager Michael Cassady said the sale would be a normal completion of a real estate cycle.
“Typically, the developers don’t necessarily hang on long term to the multifamily assets,” Cassady said. “A lot of times those are sold to very large real estate investment trusts and other investors that specialize in owning and operating those assets.”
Even after the sale, the Papanicholas family will have a presence downtown, as operators of The Prospect, the new restaurant under construction at 20West.
The family also owns property being redeveloped at 104 E. Northwest Hwy., the former site of the Busse’s Flowers & Gifts building.
“They will still be a core Mount Prospect property owner and developer,” Shallcross said.
Nick Papanicholas Jr., president of Nicholas & Associates and Wingspan Development Group, is a Mount Prospect resident.
“Knowing Nick and the fact that they are based in town, they are going to make sure that those properties are in good hands,” Shallcross said.