Avalon Lombard apartments sold for $35.5 million

KBS Legacy Partners Apartment REIT has purchased Avalon Lombard, a 256-unit apartment complex on Finley Road just north of 22nd St in Lombard.

The purchase price, $35.5 million was partially financed by a $23 million mortgage maturing in June of 2019 at an interest rate of 3.33%. According to an SEC filing, the project had an occupancy rate of 96% and an average effective per-month rental rate of $1,103 in 2011.

The project has been rebranded as Legacy at Martin's Point. It features 5 different one-bedroom and two-bedroom / two-bath floor plans. All of the units have balconies and in-unit washer / dryers. Two-bedroom plans have an attractive split-bedroom layout.

Legacy at Martin's Point has a clubhouse with fitness and gaming areas and an outdoor pool. RMK Management has been retained to manage the property.

Western suburbs, Lombard, Avalon Lombard, Legacy at Martin's Point, Apartments, Rentals

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