Investment Overview

Marcus & Millichap is pleased to present Brookdale Apartments, a 36-unit multifamily community located at 2207–2255 Brookdale Lane in Pekin, Illinois, within the greater Peoria-Pekin MSA. The property consists of three garden-style buildings situated on approximately 2.56 acres and offers a balanced unit mix of 18 one-bedroom / one-bathroom units and 18 two-bedroom / one-bathroom units. Built in 1973, Brookdale provides functional workforce housing with an average unit size of approximately 700 square feet, on-site parking, shared laundry facilities, and tenant-paid gas and electric. Current ownership has completed a meaningful capital improvement program, including new roofs in 2023, renovated common areas, and interior renovations across approximately 40% of the units. This positions an incoming investor to benefit from reduced near-term capital exposure while still preserving a clear value-add runway through the remaining unrenovated units. With current rents of $700 for one-bedroom units and $775 for two-bedroom units, compared to average market comparable rents of $764 and $853, respectively, Brookdale offers a straightforward path to revenue growth through continued unit renovations, rental rate increases, utility reimbursements, and operational efficiencies. Pekin benefits from its location within the Peoria-Pekin MSA, a stable Central Illinois market anchored by a diverse employment base spanning advanced manufacturing, healthcare, logistics, education, and government employment. The metro is home to approximately 365,000 residents and major employers including Caterpillar, OSF HealthCare, Carle Health, Komatsu America, Bradley University, Peoria Public Schools, Keystone Steel & Wire, and Amazon. With zero units currently under construction, the development pipeline has cleared, supporting continued rental demand and income stability across the market.