Triad Real Estate Partners Sells Amberley Courts, a 168-unit tenement property in Midlothian, Illinois
– James Clough
CHICAGO, Illinois, USA, August 23, 2021 /EINPresswire.com/ – Triad Real Estate Partners, host multi-family and a student housing brokerage firm announced the closure of Amberley’s 168-apartment courts. Apartments in Midlothian, Illinois. The property is located on 147th Street in Midlothian and was recently sold for $ 9,075,000. James Clough and Brian Di Basilio of Triad represented the seller, the longtime owner of the property. Clough and DiBasilio also represented the New York buyer and active investor in the deal.
The asset consists of 13 separate properties located within half a mile of each other. The hotel is a well-located employee housing estate, close to excellent transport links via I-294, I-57 and Midlothian Metra Station.
The buyer plans to make the necessary improvements to the property and rename the asset to Astoria Commons.
“This property has been on the market for several months. Properties in the past have operated at 85% utilization, which forced interested buyers to make bids well below the seller’s expectations. We worked with a local management company and demonstrated to the buyer that the employment is not real estate, and the true market vacancy is closer to 95%, ”said James Clough, in response to a question about the sale process.
Triad Real Estate Partners has a team of brokers with over 90 years of experience and has sold over $ 2 billion in properties in the Greater Chicago and Midwest.
Triad Real Estate Partners, founded in 2010 by three partners with over 40 years of commercial real estate experience, aims to become the leading private student housing and multi-family real estate brokerage in the Midwest. Triad partners have completed more than 500 deals in 15 states, covering nearly 15,000 condominiums and student residences, totaling more than $ 2.0 billion. Triad has experience with all types of housing, including affordable housing, conventional market-price multi-family housing and student housing. Triad is headquartered in the Downtown Loop area of Chicago.