Essex Realty Group, Inc. was exclusively engaged to market for sale 146 condominiums within the 304 unit Waterfall Glen Condominiums complex located at 16W571 Mockingbird Lane in Willowbrook, IL. The investment opportunity was made up of forty-two (42) 1Bd/1Ba, seventy-seven (77) 2Bd/1Ba, and twenty-seven (27) 3Bd/2Ba units. After multiple tours and offers, Essex secured a buyer who purchased the condos within 96% of the list price.
Essex Realty Group, Inc. has been exclusively engaged to market for sale 146 condominiums within the 304 unit Waterfall Glen Condominiums complex located at 16W571 Mockingbird Lane in Willowbrook, IL. The investment opportunity is made up of forty-two (42) 1Bd/1Ba, seventy-seven (77) 2Bd/1Ba, and twenty-seven (27) 3Bd/2Ba units.
Waterfall Glen is comprised of 19 individual buildings, each containing 16 units, and is situated on 24.2 acres inclusive of a designated pool area and 541 surface parking spaces.
Waterfall Glen provides the opportunity to acquire a near-majority position in a highly desirable condominium complex. The current association implemented a complete HVAC upgrade in 2017 inclusive of new electric service and HVAC to all units. In addition, the board has elected to replace the roofs on all 19 buildings. Separately, some units have received in-unit washer and dryer upgrades as well as other unit improvements in the last few years.
An investor has the opportunity to create additional value by renovating the remaining apartments and adding in-unit laundry. Renovated 1Bds in the complex with laundry rent up to $1,200 per month, $275 higher than the average 1Bds included in this offering. Renovated 2Bds in the complex rent up to $1,400 per month, roughly $250 higher than the average 2Bd in this offering. An investor can also work with the association to re-open the pool area and add other complex amenities such as a dog park and playground.
- Rare Opportunity to Acquire a Near-Majority Position in a Highly Desirable Willowbrook Complex
- 146 Out of 304 Total Units Included in Transaction– 48%
- Sold Within 96% of List Price
- Recent Updates Included New Electric Service, Roofs, and HVAC
- Ideal Unit Mix of 1Bds, 2bds, and 3Bds
- Strong Rental Upside