Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Aspen Ridge, a 253-unit multifamily asset in West Chicago, Illinois.
“Many suburban areas of Chicagoland fared better than the city’s urban core during the pandemic as some renters, especially those who lost employment, moved to the suburbs in search of lower rents and more space,” said Ryan Engle, senior managing director investments in Marcus & Millichap’s Chicago Oak Brook office. “As economic fundamentals in the suburbs strengthen and Downtown Chicago revives, more investors will be drawn to apartment assets throughout Chicagoland.” Engle, Andrean Angelov, and Zack Mahoney represented the seller, and procured the buyer, both private investors.
Aspen Ridge is situated in a wooded area near 462-acre DuPage County Forest Preserve, 32 miles west of Downtown Chicago. The property is easily accessible from interstates 294, 88 and 90, and commuter rail is close by at West Chicago Station and Winfield Station. The Fox Valley Mall, Stratford Square Mall and Wheaton College are within a short drive. Built in 1967 on 12 acres, the property has an Olympic-size swimming pool with a sundeck, fitness center and playground. The asset has 77 one-bedroom/one-bath units and 176 two-bedroom/one-bath units.