Investment Overview

Marcus & Millichap is pleased to present Lotus Gardens Apartments, a 120-unit apartment property located in Skokie, Illinois. The Village of Skokie is located approximately 16 miles northwest of downtown Chicago and 12 miles east of O’Hare International Airport. Residents of Skokie enjoy convenient access to the Edens Expressway (Interstate 94), numerous CTA and Pace bus lines and the Skokie Swift train station (Yellow Line) allowing easy access to downtown Chicago. Residents of Skokie have convenient access to major shopping centers such as Westfield Old Orchard and Village Crossing Shopping Center. The subject property features 80 one-bedroom / one-bathroom units (approximately 730 square feet) and 40 two-bedroom / one-bathroom units (approximately 970-1,000 square feet). This three-story property features elevator access, approximately 120 off-street parking spaces and five covered parking spaces, a swimming pool, on-site coin operated laundry, and one storage space for each unit. Recent capital improvements include new roofs in the last 15 years and a new parking lot in the last year. Units feature a wide range of finishes from original to recently renovated to include granite countertops, brand new cabinetry, stainless-steel appliances, renovated bathrooms, and upgraded flooring. Here, a new investor has the opportunity to acquire a well-maintained asset held by a long-term owner with potential to increase returns through continued unit renovations.