ACO Commercial Arranges 6.9% Cap Sale of Broken Condominium Development in Westmont
CHICAGO, IL – Friday, August 28, 2015
ACO Commercial is pleased to announce the sale of 13/20 units within the Melrose Place Condominiums, located at 508 N. Cass Avenue in Westmont, Illinois.
George Toscas, Executive Vice President, arranged the sale of the property on behalf of a regional bank. The marketing campaign generated 23 tours and multiple offers.
Melrose Place was constructed in 1971 and extensively renovated by a developer in conjunction with a condo conversion in 2007. All 20 units are two-bedroom configurations, with exterior garage parking. The offering consisted of 13/20 units, many of which were in largely original condition. Uniquely, the units all had forced-air heating systems with central air conditioning, as well as patios or balconies; features typically found in properties of a higher price point.
The sale price reflected a price per unit of approximately $72,000 and a pro forma capitalization rate of 6.9%.
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.