Real estate transaction means renovations for Illinois apartments

Apartment complexes around the country fall into disrepair for any variety of reasons. During the recession, many owners no longer had the funds to make repairs, upgrades or renovations needed to the apartment complexes they own. One Illinois complex is getting some much needed renovations after the complex changed hands in a recent real estate transaction.

Windy City RE recently purchased the Parkside Apartments in Glen Ellyn for $6.9 million. That purchase price is $350,000 less than the seller originally asked for when the complex was first put on the market. At present, numerous immigrants and refugees live on the property. This means the rents are under the current market value for a comparable property, but so is the standard of living.

The new owner wants to put $1 million in improvements into the property. After that, renovations will be done to individual units as tenants vacate them. This means that rents will need to increase, but Windy City RE says the increase will not be more than 5 percent. and will occur upon lease renewal. The company believes the current tenants should be able to remain in their apartments under this plan.

As the economy continues to recover and the real estate market rebounds, this will most likely not be the only commercial real estate transaction of this type. Any Illinois individual or business considering the purchase of a commercial property in our state may benefit from being aware of the business and legal requirements that need to be completed in order to finalize any purchase. Otherwise, the documentation requirements for a commercial transaction can be complex and frustrating.

Source: Glen Ellyn, IL Patch, Parkside Apartments Sold for $6.9 Million, Dennis Robaugh, March 7, 2014

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