Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Light Road Apartments, a 168-unit multifamily asset in Oswego, Illinois.
“The property is a well-maintained asset that provides the buyer with immediate cash flow in a market that is expected to rank third among major metros in rent growth this year,” said Ryan Engle, senior managing director investments in Marcus & Millichap’s Chicago Oak Brook office. Engle and Marcus & Millichap’s Andrean Angelov represented the seller, a private investor, and in conjunction with Zack Mahoney of Marcus & Millichap, procured the buyer, a private investor.
Built in 1972 on 10 acres, the property’s location provides residents with access to Illinois State Routes 31, 25 and 71. Aurora Metra Station, with commuter rail service to Downtown Chicago, is a short drive away. Downtown Oswego is two miles from the property and Fox Chase Elementary School, Augusta Lake Park and Marina Shopping Center are nearby.
Light Road Apartments has 98 one-bedroom/one-bath units and 70 two-bedroom/one-bath apartments that average 561 square feet and 750 square feet, respectively. Community amenities include a clubhouse, swimming pool, off-street parking, and a laundry facility.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
