For Auction
Asset Snapshot
Offering Summary
Lincolnwood Pinetree Apartments
134 Unit REO Apartment Complex at Eastern Illinois University | Value-Add Opportunity Offering Major Upside
RealINSIGHT Marketplace and Frontline Real Estate Partners are pleased to present the opportunity to acquire the fee-simple interest in The Lincolnwood Pinetree Apartments, an apartment complex consisting of seven (7) student housing buildings located just steps from Eastern Illinois’ central campus in Charleston, Illinois. Eastern Illinois University features an enrollment of approximately 7,800 students and is located 0.4 miles from the apartment complex, or for students, a six (6) minute walk.
The buildings were constructed in 1969 and 1973 over 5.29 acres of land across seven (7) different parcels. The property is zoned R3 - Limited Multi Family Dwelling District and totals 96,072 SF across 134 units with 18 studio/one bath units, 18 one bed/one bath units, 87 two bed/one bath units and 11 three bed/one bath units. The buildings amenities include fire pits, grills, balconies, on-site laundry facilities, and parking spaces for approximately 200 spaces. In addition to being just steps from Eastern Illinois’ campus, the apartment complex is located less than one (1) mile south of Illinois Route 16, the primary commercial corridor in the area featuring an abundance of national retailers including Walmart, Walgreens, CVS/Pharmacy, ALDI, Dollar General, O’Reilly Auto Parts, Advanced Auto Parts, Starbucks, McDonald’s, Subway, Jimmy John’s, Domino’s, and Pizza Hut, among others. Currently, 17 of the 134 units (12.6%) are occupied offering investors value-add potential with major upside.
INVESTMENT HIGHLIGHTS
♦ 134 Units over seven (7) buildings, just a six (6) minute walk from Eastern Illinois University’s main campus in Charleston, Illinois
♦ Unit mix features 18 studio/one bath units, 18 one bed/one baths units, 87 two bed/one baths units and 11 three bed/one baths
♦ Amenities include fire pits, grills, balconies, on-site laundry facilities and parking spaces for approximately 200 spaces
♦ Located less than one (1) mile south of Illinois Route 16, the primary commercial corridor in the area featuring an abundance of national retailers including Walmart, Walgreens, CVS/Pharmacy, ALDI, Dollar General, O’Reilly Auto Parts, Advanced Auto Parts, Starbucks, McDonald’s, Subway, Jimmy John’s, Domino’s, and Pizza Hut, among others.
♦ Existing 23% occupancy rate offers investors excellent value-add potential with huge upside
Property tours are available by appointment on the dates below. Please contact Mat Tarshis (mtarshis@frontlinerepartners.com / (847) 780-8063) or Andrew Rubin (arubin@frontlinerepartners.com / (224) 628-4005) to schedule a tour.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
