Greenstone Partners is pleased to announce the closing of a $12,558,000 multifamily transaction involving the Hickory Oaks Apartment Complex in Lansing, Illinois. Greenstone Partners Senior Director Michael Duckler represented both the buyer and seller in the transaction.
The 138-unit property traded for approximately $91,000 per unit and presented a significant value-add opportunity, with in-place rents approximately 25% below market. The buyer is positioned to leverage its established local presence and experienced management platform to accelerate stabilization and unlock additional value within the asset.
Located approximately 25 miles south of Downtown Chicago, Hickory Oaks Apartment Complex consists of eight three-story, garden-style brick buildings across approximately three landscaped acres. The community features 84 two-bedroom units, 52 one-bedroom units, and two studio units, offering a diverse mix of in-demand floor plans.
The property also benefits from convenient access to I-80, I-94, and I-294, providing residents with connectivity to major employment centers throughout Chicago, the Southland, and Northwest Indiana.
The buyer, SpringView Investments, led by Harold Willig, has an established presence throughout Chicago’s Southland and a long track record of investing in and managing residential properties in stable communities. The acquisition of Hickory Oaks represents a significant addition to SpringView’s growing multifamily portfolio and reflects its continued focus on identifying well-located properties with opportunities for long-term value creation.
“Hickory Oaks is exactly the kind of opportunity we look for; an established property in a strong community where we believe our local knowledge and hands-on management approach can create meaningful long-term value,” said Harold Willig, SpringView’s Founder & Manager.
“We are pleased to add the property to our portfolio and appreciate Michael Duckler, Senior Director at Greenstone Partners, for his work in bringing the transaction to a successful close.”
“The fundamentals of this property made it a compelling opportunity for the buyer, particularly given the significant rental upside and the strength of the surrounding market,” said Michael Duckler, Investment Sales Broker at Greenstone Partners. “I’m pleased to have successfully brought this transaction through closing and look forward to continuing to build on this momentum at Greenstone Partners.”
The transaction highlights Duckler’s experience in the Chicagoland multifamily investment market and further strengthens Greenstone Partners’ growing multifamily investment sales platform.
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