May 6, 2024 – Anthony Spangler and Thomas Shanley of Horvath & Tremblay have successfully completed the sale of the thirty-seven (37) unit Kankakee Multi-Family Portfolio in Kankakee, Illinois. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,400,000.
Combined, the Portfolio consists of thirty-seven (37) multi-family units spread over eleven properties on a combined 1.63-acres of land. The Portfolio is comprised of twenty (20) 1-Bedroom/1-Bathroom units, fourteen (14) 2-Bedroom/1-Bathroom units, two (2) 3-Bedroom/1.5-Bathroom units, and one (1) 3-Bedroom/1-Bathroom unit with 44,600 square feet of living area in 66,975 square feet of total gross area. The in-place leases are significantly below market rates for the area, allowing a landlord to bring the rents up to market to drive revenue at the Property. Additionally, the opportunity exists to increase rental rates through upgrades and renovations to the units, common areas, and building exteriors. The majority of the Properties in the Portfolio are within walking distance of several bus stops operated by the River Valley Metro, with service running seven days a week in Kankakee as well as the nearby cities of Aroma Park, Bradley, Bourbonnais, and Manteno. The Properties are close to W Court Street (IL-17), the major east-west road that bisects Kankakee and provides easy access to IL-113, IL-50, US-52, and Interstate 57, which provides a direct route to Chicago. Additionally, the Properties all enjoy convenient access to the Kankakee Amtrak station, with daily service between Chicago and Carbondale, IL, as well as from Chicago to Memphis and New Orleans. The Properties are close to downtown Kankakee, which offers a number of retail, dining, employment and entertainment amenities. Downtown Kankakee is home to the Kankakee Farmers’ Market, the annual Merchant Street Musicfest and the Kankakee Depot, a former railroad station that now serves as a focal point for the city and is the premier place for community gatherings and celebrations. The Properties also offer convenient access to Riverside Medical Center and Ascension Saint Mary – Kankakee, the area’s hospitals, and are close to Kankakee Community College and Olivet Nazarene University. Kankakee is centrally located in Kankakee County and is roughly 52 miles south of Chicago.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.