Located at 600-750 N. Salem Ridge Drive in northwest suburban Hoffman Estates, the brick three-building complex built in 1974 includes 24 studios, 155 one-bedroom units, and 70 two-bedroom apartments. New appliances were recently placed in all the units. New elevator mechanicals were installed in 2011, new windows in 2012, and a roof overlay in 2007. New boilers were also put into each building within the past seven years. The complex sold for $17.45 million.
“Salem Ridge Apartments has been well-maintained, but there is still significant value-add opportunity for the buyer,” said Brian Mond, managing director of Kiser Group, who represented the buyer and the seller in the sale. “The property’s location near shopping, employment and schools also makes it a stable investment.”
Each apartment has a steel and concrete balcony and wall-to-wall carpeting. Other property features include two hydraulic elevators in each building, tenant storage and a laundry room. Rents range from $625 to $888. The property is 95 percent leased.