Investment Overview

Marcus & Millichap is pleased to present Whispering Pines, a 264-unit multifamily community located in Springfield, Illinois. Springfield is the state capital and seat of Sangamon County. The property sits within a metro that offers investors a stable, government-anchored economy paired with an exceptionally affordable cost of living. Centrally located in the heart of Illinois, Springfield sits at the crossroads of Interstate 55 and Interstate 72, roughly 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis, giving residents and employers excellent regional connectivity. Springfield’s economy is anchored by a base of government, healthcare, and education employment that supports consistent rental housing demand. The State of Illinois employs approximately 18,000 people across state government departments, making it the metro’s single largest employer, while Memorial Health System, St. John’s Hospital, and Springfield Clinic together employ over 10,000 workers in the healthcare sector. Education adds further depth, led by Springfield Public Schools, the University of Illinois Springfield, and Southern Illinois University School of Medicine. The subject property consists of 119 one-bedroom / one-bathroom units (approximately 580 square feet) and 145 two-bedroom / one-bathroom units (approximately 700 square feet). Select units have been updated with new kitchens and bathrooms, new flooring, and new fixtures. Owner is responsible for paying water, sewer, trash, and common electric. Tenants are responsible for paying in-unit electric and heat, which is sourced from electric furnaces. One of the two-bedroom units is currently used as a leasing office. A new investor has the opportunity to acquire 264 units in Springfield, Illinois. Approximately 68% of the units have seen updates, 16% of which are fully renovated. Renovated unit premiums range from $100 to $300.