DES PLAINES, IL—Malkin Properties of Illinois Inc. has hired HFF to market for sale Glen Oaks Commons, a 504-unit, mid-rise apartment property in this’s northwest suburbs.
The complex, on 17.6 acres at 9700 Sumac Road, includes seven, four-story residential buildings with one-, two- and three-bedroom units averaging 938 square feet each. Community amenities include a swimming pool and sundeck, fitness center, playground and volleyball and tennis courts.
The 97-percent-occupied property will be delivered free and clear of existing financing. About 50 percent of the homes have undergone a full renovation, which includes upgrades to kitchens, bathrooms and interior common areas. Potential investors will have the opportunity to continue the renovation program and will also benefit from current ownership’s superb maintenance of the property.
Executive Managing Director Matthew Lawton and Managing Directors Marty O’Connell and Sean Fogarty are leading the HFF sales team. Malkin is the acquisition, management and marketing arm of the Malkin family, which controls the ownership and operation of more than 15 million square feet of commercial, residential and lightproperty in more than a dozen states.