Business

Algonquin apartment complex sells for $12.7 million

Posted November 27, 2018 12:00 am

ALGONQUIN - Commercial real estate investment services firm Marcus & Millichap announced the $12.7 million sale of Riverside Plaza, a mixed-use property comprising 63 apartments and six retail units at 1 N. Main St. in Algonquin.

Built in 2014 and located in the heart of the village two blocks from the Fox River, Riverside Plaza includes 21 one-bedroom and 42 two-bedroom apartments ranging in size from 1,042 to 1,339 square feet, along with six retail units totaling 9,600 square feet. The apartments were 92 percent occupied at the time of closing, while the retail spaces were vacant.

Eric P. Bell, Frank M. Roti and Brett Rodgers, investment specialists in Marcus & Millichap's Chicago Oak Brook and Chicago downtown offices, exclusively marketed the property on behalf of the seller, a financial institution that acquired the property through foreclosure. Bell also secured and represented the buyer, a limited liability company.

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