Just Sold: 56-Unit Multifamily Complex in Wheeling, Ill.
Mar 3, 2020
Zach Slagle and Terri Cox represented the seller in a multimillion-dollar disposition.
Matanky Realty Group today announces the sale of a 56-unit, value-add apartment complex in Wheeling, Ill.
Senior Vice President, Terri Cox, and Senior Broker, Zach Slagle, represented the seller in the disposition of 515-519 South Milwaukee Avenue. Located in the northwest suburbs of Chicago, River Trail Apartments is a value-add investment opportunity at the south end of Wheeling’s famous “Restaurant Row,” and north of the Chicago Executive Airport.
Slagle and Cox sold the property to NS Properties, LLC, a private, local investor who owns hundreds of units across Chicagoland. Though substantial capital is required, the pair was able to convey achievable market rents by showcasing the strength of this submarket. The buyer is eager to reposition the asset to better meet the needs of the community and maximize value.
Matanky Realty Group generated numerous offers, but it required tremendous effort to finalize the transaction. The narrow buyer pool, competing interests and a recent substantial increase in north suburban Cook County tax assessments, provided a challenge to this seasoned team.
“There are sizeable risks with any major redevelopment,” said Slagle. “Terri and I pushed the value-add message and with that, we were able to find a buyer.”
Upon securing the buyer, Slagle and Cox worked tirelessly through the closing. They leveraged key marketing materials, implemented a holistic selling strategy and even worked directly with the lender to close the deal.
Cox and Slagle are a proven team, representing buyers, sellers, landlords and tenants together since 2015. Cox’s efforts have won her the title of CoStar PowerBroker of the Year in 2013, 2014, 2015, 2017 and 2018. Similarly, Slagle was recognized in 2017. The distinction honors the top 15 real estate professionals, based upon volume, market and industry.