Essex Realty Group Brokers the Sale of The Fountain Apartments in Arlington Heights, IL
August 1, 2017 12:27 PM
The Fountain Apartments is a 26-unit apartment building located in Arlington Heights, a suburb of Chicago. Situated on the north side of Euclid Avenue, and just west of the intersection of Euclid and Northwest Highway, this property is just a minute’s walk from downtown Arlington Heights. The property is currently comprised of eight studios, sixteen 1 bed/1 bath units, and two 2 bed/2 bath units split between two buildings. 908-10 Euclid Ave has a current CAP rate of 6.07%, a $160,860 net operating income, 9.4 GRM, and a yearly cash-on-cash return of 6.57%. 16 tours were hosted at the location, and the deal closed less than 60 days prior from contract signing.
Arlington Heights is located approximately 25 miles northwest of Chicago's Loop and boasts a population of over 75,000 residents. There are numerous transportation options throughout the area including, easy access to the I-90, as well as the Metra Union Pacific Northwest Line to Chicago's Ogilvie Transportation Center.
The sale price was approximately $2,400,000.
Jordan Gottlieb and Brian Mond were the brokers on the transaction.